By Paul A. Harris
Portland, Ore., June 30 – Polynt Group priced a €300 million issue of SCIL IV LLC/SCIL USA Holdings LLC five-year senior secured notes (B1/BB-) at par to yield 9˝% on Thursday, according to market sources.
The yield came in the middle of yield talk in the 9˝% area and wide to initial guidance in the low-to-mid 9% area.
JPMorgan was 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 its shareholders.
Issuer: | SCIL IV LLC and SCIL USA Holdings LLC
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Amount: | €300 million
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Issue: | Senior secured notes
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Tenor: | Five years
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Lead: | JPMorgan
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Coupon: | 9˝%
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Price: | Par
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Yield: | 9˝%
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Call protection: | Two years
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Trade date: | June 29
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Ratings: | Moody’s: B1
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| S&P: BB-
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Price talk: | 9˝% area
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