By Paul A. Harris
Portland, Ore., July 6 – Profine (HT Troplast GmbH), a Germany-based producer of PVC window profiles, priced a €380 million offering of five-year senior secured notes (B2/B) at par to yield 9 3/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 9˝% area. Initial guidance was in the mid-to-high 9% area.
JPMorgan was the left bookrunner. Joint bookrunners were Deutsche Bank and Commerzbank.
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.
| Issuer: | Profine (HT Troplast GmbH)
|
| Amount: | €380 million
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| Issue: | Senior secured notes
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| Tenor: | Five years
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| Left bookrunner: | JPMorgan
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| Joint bookrunners: | Deutsche Bank and Commerzbank
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| Coupon: | 9 3/8%
|
| Price: | Par
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| Yield: | 9 3/8%
|
| Call protection: | Two years
|
| Trade date: | July 6
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Price talk: | 9˝% area
|
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