By Abigail W. Adams
Portland, Me., May 15 – Adler Pelzer Holding GmbH priced an upsized €400 million of four-year senior secured notes (B3//B) on Monday with a coupon of 9˝% and an original issue discount of 92.5 for a yield of 12%, according to a market source.
Pricing came in line with tightened talk for a coupon of 9˝% and at the wide end of tightened talk for 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 9˝% 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 company’s €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.
| Issuer: | Adler Pelzer Holding GmbH
|
| Amount: | €400 million
|
| Issue: | Senior secured notes
|
| Maturity: | April 1, 2027
|
| Global coordinators: | BNP Paribas (bill & deliver) and Barclays
|
| Joint bookrunners: | BNP Paribas, Barclays, Banca Akros, Deutsche Bank and UniCredit
|
| Coupon: | 9˝%
|
| Price: | 92.5
|
| Yield: | 12%
|
| Spread: | 972 bps
|
| First call: | April 1, 2024 at 104.75
|
| Trade date: | May 15
|
| Settlement date: | May 19
|
| Ratings: | Moody’s: B3
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Tightened talk for coupon of 9˝% and OID of 92 to 92.5; initial talk for coupon of 9˝% and OID of 92 to 93
|
| Marketing: | Roadshow
|
|
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