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Polynt launches €300 million five-year secured notes to yield 9½%; books close Thursday
By Paul A. Harris
Portland, Ore., June 29 – Polynt Group launched its €300 million offering of SCIL IV LLC/SCIL USA Holdings LLC five-year senior secured notes (B1/BB-) at 9½%, according to market sources.
The launch yield comes in the middle of official talk in the 9½% area and wide to initial guidance in the low-to-mid 9% area.
Books close on Thursday, and the deal is set to price thereafter.
The notes come with two years of call protection.
JPMorgan is the lead.
The Bergamo, Italy-based specialty chemical producer plans to use the proceeds plus €183.7 million of balance sheet cash to fund a dividend to shareholders.
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