By Paul A. Harris
Portland, Ore., April 10 – Italmatch Chemicals SpA priced a €200 million add-on to the Fire (BC) SpA Euribor plus 475 basis points senior secured floating-rate notes due Sept. 30, 2024 (expected B3/confirmed B) at 99.75 on Wednesday, according to a market source.
The reoffer price came richer than initial guidance of 99, plus or minus 0.25 cents.
Joint global coordinator and joint active bookrunner BNP Paribas will bill and deliver. Goldman Sachs was a joint global coordinator and joint active bookrunner. Citigroup was a joint global coordinator and joint bookrunner. Credit Agricole CIB was a joint bookrunner.
Proceeds will be used to refinance debt under a bridge facility agreement entered into in order to fund the company’s acquisition of all the membership interests of BWA Holdings LLC on Feb. 14.
Genoa, Italy-based Italmatch specializes in performance additives for the lubricant, plastics, water and oil markets.
| Issuer: | Fire (BC) SpA
|
| Amount: | €200 million
|
| Maturity: | Sept. 30, 2024
|
| Security description: | Add-on to Euribor plus 475 bps senior secured floating-rate notes due Sept. 30, 2024
|
| Joint global coordinators: | BNP Paribas (bill and deliver), Goldman Sachs and Citigroup
|
| Joint active bookrunners: | BNP and Goldman Sachs
|
| Joint bookrunners: | Citigroup and Credit Agricole CIB
|
| Coupon: | Euribor plus 475 bps
|
| Price: | 99.75
|
| First call: | Sept. 30, 2019 at 101
|
| Trade date: | April 10
|
| Ratings: | Moody's: B3 (expected)
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 99 plus or minus 0.25
|
| Marketing: | Roadshow
|
| Original issue: | €410 million
|
| Fungibility: | Add-on notes will become fungible with original notes
|
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