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Finland’s Ahlstrom-Munksjo sets price talk in €650 million two-part secured notes offering
By Paul A. Harris
Portland, Ore., March 12 – Finland-based Ahlstrom-Munksjo Oyj set price talk in its €650 million two-part offering of seven-year senior secured notes, according to market sources.
Notes in a €400 million tranche are talked to yield 3¾% to 4% versus early guidance of 4% to 4¼%. Notes in a $305 million equivalent tranche are talked to yield 4¾% to 5% versus early guidance of 5% to 5¼%.
The deal is expected to price on Friday.
Goldman Sachs is the lead.
The notes come with three years of call protection.
The issuing entity will be special purpose vehicle Spa Holdings 3 Oy.
Proceeds will be used to partially finance the acquisition of an equity stake of more than 90% in the fiber-based products supplier by Bain Capital, Viknum and Belgrano Inversiones.
Ahlstrom-Munksjo is based in Helsinki.
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