Adler Pelzer starts roadshow for €350 million four-year notes; initial talk 9½% coupon at 92-93

By Paul A. Harris

Portland, Ore., May 10 – Adler Pelzer Holding GmbH began a roadshow on Wednesday for a €350 million offering of four-year senior secured notes (B3//B), according to market sources.

Initial talk has the notes coming with a 9½% coupon to price at an original issue discount of 92 to 93.

The roadshow wraps up on Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

The notes become callable after one year at par plus 50% of the coupon. They feature a 40% equity clawback and a 101% poison put.

Global coordinator and physical bookrunner BNP Paribas will bill and deliver. Barclays is also a global coordinator and physical bookrunner.

Banca Akros, Deutsche Bank and UniCredit are joint bookrunners.

The Hagen, Germany-based supplier of acoustic and thermal components and systems for the automotive sector plans to use the proceeds plus cash on hand and a €120 million shareholder loan to pay off its €425 million of 4 1/8% senior secured notes due April 2024, as well as to repay its €40 million super senior term loan and €11 million of other debt.

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