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ICBPI targets sizes, sets talk in 1.1 billion two-part PIK toggle notes offering; pricing Friday
By Paul A. Harris
Portland, Ore., Nov. 6 Italys ICBPI (Istituto Centrale Delle Banche Popolari Italiane) targeted tranche sizes and set price talk in its 1.1 billion two-part offering of 5.5-year senior secured PIK toggle notes, according to a market source.
The company aims to price 850 million to 900 million of fixed-rate notes, with yield talk of 8% to 8Ό%.
In addition ICBPI is seeking to price 200 million to 250 million of floating-rate notes, with talk of Euribor plus 800 basis points at 99.
Pricing is set for Friday.
Physical bookrunner Goldman Sachs International will bill and deliver for the Rule 144A and Regulation S offering. HSBC Bank and JPMorgan are also physical bookrunners.
BofA Merrill Lynch, Citigroup, UniCredit and Nomura are joint bookrunners.
The issuing entity will be special purpose vehicle Mercury Bondco plc.
Proceeds will be used to help fund the 2.15 billion buyout of ICBPI, a Milan-based financial services provider, by a consortium comprised of Advent International, Bain Capital and Clessidra.
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