Picard offers €1.71 billion sustainability-linked notes in three parts

By Paul A. Harris

Portland, Ore., April 19 – Picard Group SAS is in the market with €1.71 billion of sustainability-linked high-yield notes in three tranches, according to market sources.

The deal includes €1.45 billion of seven-year senior secured notes (B3/B/B+) in two tranches.

The secured portion of the deal includes €1.2 billion of floating-rate notes with one year of call protection and €250 million of Lion/Polaris LUX 4 SA fixed-rate notes with three years of call protection.

The single unsecured tranche, via Picard Bondo SA, features €260 million of eight-year senior notes (Caa1/CCC+/CCC+) with three years of call protection.

The joint bookrunners are Goldman Sachs, which will bill and deliver for the secured tranches, Credit Suisse, which will bill and deliver for the unsecured tranche, Deutsche Bank, HSBC and Natixis.

The Paris-based frozen food supplier plans to use proceeds from the Rule 144A and Regulation S deal, plus cash on the balance sheet, to refinance debt and fund a €276 million distribution to shareholders.

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