New Issue: Verallia downsizes tap of 5 1/8% notes to €200 million, prices at 102.625 to yield 4.63%

By Paul A. Harris

Portland, Ore., June 15 – Verallia Packaging SAS priced a drastically downsized €200 million add-on to its Horizon Holdings III SAS 5 1/8% senior secured notes due Aug. 1, 2022 (existing B1/confirmed B+) at 102.625 to yield 4.63% on Wednesday, according to a market source.

The issue size was decreased from €500 million.

The reoffer price came at the rich end of price talk that had been set in the 102.5 area.

Credit Suisse was the left global coordinator. Deutsche Bank was the joint global coordinator. Barclays, BNP Paribas, Nomura and SG CIB were the joint bookrunners.

The Paris-based glass packaging manufacturer plans to use the proceeds to repay existing debt of Verallia Packaging and its subsidiaries and to repay part of the share premium contributed to the company by its shareholders.

Issuer:	Horizon Holdings III SAS (Verallia Packaging SAS)
Amount:	€200 million, decreased from €500 million
Maturity:	Aug. 1, 2022
Security description:	Add-on to 5 1/8% senior secured notes due Aug. 1, 2022
Lead left global coordinator:	Credit Suisse
Joint global coordinator:	Deutsche Bank
Joint bookrunners:	Barclays, BNP Paribas, Nomura, SG CIB
Coupon:	5 1/8%
Price:	102.625
Yield:	4.63%
Spread:	501 bps
First call:	Aug. 1, 2018 at 102.563
Trade date:	June 15
Settlement date:	June 22
Ratings:	Moody’s: Existing B1
	Standard & Poor’s: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	102.5 area
Marketing:	Roadshow
Original issue size:	€300 million priced at par on July 24, 2015.
Total issue size:	€500 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.