Polynt-Reichhold selling €1.3 billion equivalent secured notes in dollar, euro tranches

By Paul A. Harris

Portland, Ore., Oct. 12 – Polynt-Reichhold is in the market with a €1.3 billion equivalent offering of senior secured notes (B1/BB-) in three tranches, according to market sources.

The deal includes $750 million of five-year fixed-rate notes with two years of call protection, initial guidance in the high 5% area.

It also includes €650 million of five-year notes in tranches of fixed-rate notes with two years of call protection and floating-rate notes with one year of call protection. Both are in the market with initial guidance in the high 4% area. Both the fixed-rate and floating-rate euro-denominated tranches will be sized at a minimum of €300 million. Final tranche sizes remain to be determined.

JPMorgan is the lead.

Proceeds will be used to fund the acquisition of Polynt, a U.K.-based specialty chemicals manufacturer, by Black Diamond from Investindustrial and to refinance Polynt's capital structure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.