Renta sets talk in revised €350 million offering of five-year notes

By Paul A. Harris

Portland, Ore., Jan. 26 – Renta Group Oy rejiggered its €350 million offering of five-year senior secured notes (B2/B) on Wednesday, according to market sources.

The issuer abandoned plans to issue fixed-rate notes, electing instead to offer floating-rate notes with the same tenor.

Early talk on the revised Rule 144A and Regulation S deal specifies a coupon that would have a spread of 450 basis points to 475 bps over Euribor at par, with no Euribor floor.

Call protection decreased to one year from two years. The floating-rate notes will become callable after one year at 101.

Global coordinator and joint bookrunner JPMorgan will bill and deliver. Nordea, Deutsche Bank, DNB and SEB are also joint bookrunners.

Proceeds plus an equity contribution will be used to fund the acquisition of the Finland-based equipment rental company by IK Partners and to refinance Renta’s debt.

© 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.