WFS Global sets tranche sizes, pricing on €660 million two-part notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., July 27 – WFS Global Holding SAS (Promontoria Holding 264 BV) set tranche sizes and final pricing with the launch of its €660 million two-part offering of senior secured notes due 2023 (B3/B-) on Friday, according to a market source.

The deal features €400 million of fixed-rate notes, which come with two years of call protection, launched at 6¾%, the tight end of the 6¾% to 7% price talk.

The deal also features €260 million of floating-rate notes with one year of call protection, launched at Euribor plus 625 basis points, the tight end of the Euribor plus 625 bps to 650 bps price talk.

Final terms are expected on Friday.

BofA Merrill Lynch and Barclays are the global coordinators. Citigroup, RBC and ING are joint bookrunners.

Proceeds, together with equity contributions from Cerberus Capital and the existing management of WFS Global, will be used to finance the indirect acquisition of WFS by Cerberus, including the repayment of certain WFS debt.

WFS Global is a Paris-based cargo handler.

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