Assemblin offers €480 million six-year secured floaters; initial talk Euribor plus 500 bps at 96-97

By Paul A. Harris

Portland, Ore., June 13 – Assemblin announced the planned sale of €480 million of Apollo Swedish Bidco AB six-year senior secured floating-rate notes (B2/B/B) on Tuesday, according to market sources.

The deal comes with initial spread talk of Euribor plus 500 basis points with no Euribor floor. Initial price talk is 96 to 97.

The notes come with one year of call protection.

Deutsche Bank and JPMorgan are physical bookrunners and global coordinators. Nordea is a physical bookrunner and is also the Nordic coordinator.

Danske, DNB, SEB and Swedbank are the joint bookrunners.

Proceeds will be used to repay the €350 million senior secured floating-rate notes due 2025 issued by Assemblin Group AB (formerly Assemblin Financing AB), and to repay certain debt of Apollo Swedish Bidco.

Assemblin is a Hagersten, Sweden-based end-to-end installation and service partner with operations in Sweden, Norway and Finland. The company installs and maintains technical systems in areas such as electricity, heating, sanitation, ventilation and automation in small and large projects.

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