By Paul A. Harris
Portland, Ore., March 12 – Finland-based Ahlstrom-Munksjo Oyj priced a downsized €600 million equivalent of seven-year senior secured notes in two tranches on Friday, according to market sources.
A downsized €350 million tranche priced at par to yield 3 5/8%, inside of the 3¾% to 4% yield talk. Early guidance was 4% to 4¼%. The tranche size decreased from €400 million.
A $305 million tranche (€250 million equivalent) priced at par to yield 4 7/8%, in the middle of the 4¾% to 5% yield talk. Early guidance was 5% to 5¼%.
The overall deal size decreased from €650 million equivalent, as €50 million was shifted to the bank loan from the euro-denominated notes tranche.
Goldman Sachs led a syndicate of deal managers and will bill and deliver. BNP Paribas was also a bookrunner and global coordinator on both tranches, while Nordea Bank ABP was a bookrunner and Nordic coordinator for just the euro-denominated notes.
Additional joint bookrunners on the dollar notes were Morgan Stanley & Co International plc, Danske Bank A/S, DNB Bank ASA, ING Bank NV, OP Corporate Bank plc and Skandinaviska Enskilda Banken AB.
The notes were sold via 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.
| Issuer: | Spa Holdings 3 Oy
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| Amount: | Approximately €600 million equivalent, decreased from €650 million equivalent
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| Maturity: | Feb. 4, 2028
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| Securities: | Senior secured notes
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| Trade date: | March 12
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| Settlement date: | March 19
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| Distribution: | Rule 144A and Regulation S for life
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| Euro notes
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| Amount: | €350 million, decreased from €400 million
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| Bookrunners/coordinators: Goldman Sachs (bill and deliver), BNP Paribas and Nordea Bank ABP (Nordic coordinator)
|
| Coupon: | 3 5/8%
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| Price: | Par
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| Yield: | 3 5/8%
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| First call: | Feb. 4, 2024 at 101.813
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| Price talk: | 3¾% to 4%
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| Dollar notes
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| Amount: | $305 million (€250 million equivalent)
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| Bookrunners/coordinators: Goldman Sachs (left lead, bill and deliver) and BNP Paribas
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| Joint bookrunners: | Morgan Stanley & Co International plc, Danske Bank A/S, DNB Bank ASA, ING Bank NV, OP Corporate Bank plc and Skandinaviska Enskilda Banken AB
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| Coupon: | 4 7/8%
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| Price: | Par
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| Yield: | 4 7/8%
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| First call: | Feb. 4, 2024 at 102.4375
|
| Price talk: | 4¾% to 5%
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