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Adler Pelzer tightens talk on upsized 400 million four-year secured notes; pricing Monday
By Abigail W. Adams
Portland, Me., May 15 Adler Pelzer Holding GmbH plans to price an upsized 400 million offering of four-year senior secured notes (B3//B) on Monday with talk tightening to a coupon of 9½% and an original issue discount of 92 to 92.5, according to a market source.
The initial size of the offering was 350 million with initial talk for a coupon of 9½% and an original issue discount of 92 to 93.
BNP Paribas (bill & deliver) and Barclays are global coordinators and physical bookrunners for the Rule 144A and Regulation S for life offering.
Banca Akros, Deutsche Bank and UniCredit are joint bookrunners.
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.
Proceeds plus cash on hand and a 120 million shareholder loan will be used to pay off the companys 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.
Adler Pelzer is a Hagen, Germany-based supplier of acoustic and thermal components and systems for the automotive sector.
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