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Techem tightens talk on €500 million notes due 2025 to 5¼%-5 3/8%; books close Wednesday
By Paul A. Harris
Portland, Ore., April 10 – Techem Verwaltungsgesellschaft 675 mbH tightened talk on its €500 million offering of senior secured notes due July 2025 (B1/B+/B+) to 5¼% to 5 3/8% from earlier talk in the 5½% area, according to market sources.
Initial talk was in the mid-to-high 5% area.
Books were set to close late Wednesday, London time.
The 5.2-year notes come with two years of call protection.
Goldman Sachs is leading the notes’ sale.
Techem, a Hessen, Germany-based metering services company, plans to use the proceeds to refinance its 2½% senior secured notes due July 2025 by means of a tender offer and/or redemption.
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