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Trivium sets talk in upsized $2.85 billion equivalent four-part note offering; pricing Friday
By Paul A. Harris
Portland, Ore., July 18 – Trivium Packaging Finance BV set price talk on its upsized $2.85 billon equivalent four-part offering of high-yield notes on Thursday, according to an informed source.
The deal features $1.25 billion equivalent of euro-denominated seven-year notes (B2) in tranches of fixed-rate notes with three years of call protection, talked to yield in the 4% area, and floating-rate notes with one year of call protection, talked with a 375 basis points to 400 bps spread to Euribor. Tranche sizes remain to be determined.
In addition, the deal features $900 million of seven-year senior secured fixed-rate notes (B2) which come with three years of call protection, talked to yield 5¾% to 6%.
The unsecured portion of the deal comes as an upsized $700 million tranche of eight-year senior fixed-rate notes (Caa2) with three years of call protection, talked to yield 8¾% to 9%. The sole unsecured tranche was upsized from $600 million.
Books close at 5 p.m. ET on Thursday, and the deal is set to price on Friday morning.
Joint bookrunner Citigroup Global Markets Inc. will bill and deliver for the Rule 144A and Regulation S deal. BMO Capital Markets is also a joint bookrunner.
Proceeds will be used to form Trivium Packaging BV, a joint venture combination of Ardagh’s metal, food and specialty business, with Ontario Teachers' Pension Plan Board’s Exal Corp., via cash consideration to Ardagh Group. Proceeds will also be used refinance certain debt of Exal and for general corporate purposes. The additional proceeds resulting from the $100 million upsizing of the deal will be used to put cash onto the balance sheet.
Trivium Packaging is a diversified metal packaging business based in Luxembourg.
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