Verallia talks €350 million PIK toggle notes due 2022 at 8¼%-8½% yield; pricing expected Thursday

By Paul A. Harris

Portland, Ore., Feb. 9 – Horizon Parent Holdings Sarl, a holding company of Verallia, is talking its €350 million offering of senior secured PIK toggle notes due 2022 (CCC+) to yield 8¼% to 8½%, according to a stabilization notice posted on Thursday by stabilization manager Credit Suisse Securities (Europe) Ltd.

The stabilization period is expected to begin on Thursday.

Credit Suisse is the lead left global coordinator for the Rule 144A and Regulation S deal, according to market sources. Barclays and Goldman Sachs are joint global coordinators. BofA Merrill Lynch and Deutsche Bank are joint bookrunners.

The notes come with two years of call protection.

The Paris-based glass packaging manufacturer plans to use the proceeds to pre-fund the payment of cash interest on the notes, as well as for general corporate purposes and to make a distribution to shareholders.

Last October the company withdrew a €500 million offering of five-year PIK toggle notes, a deal which faced resistance from investors, according to market sources.

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