Profine sets initial talk on €380 million five-year secured notes in mid-to-high 9% area

By Paul A. Harris

Portland, Ore., July 5 – Profine, the Germany-based producer of PVC window profiles, set initial price talk in its €380 million offering of HT Troplast GmbH five-year senior secured notes (B2/B) in the mid-to-high 9% area, according to market sources.

The deal, which was announced on Tuesday, is expected to price before the end of the July 3 week.

The notes come with two years of call protection.

JPMorgan is the left bookrunner. Deutsche Bank and Commerzbank are the joint bookrunners.

Proceeds plus a draw on the company’s revolving credit facility will be used to pay off the company’s notes maturing in 2025 and to fund a €20 million dividend to shareholders.

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