By Paul A. Harris
Portland, Ore., Oct. 14 – Fiber Bidco SpA priced a downsized €872.66 million of five-year senior secured notes (B2/B/BB-) in two tranches on Friday, according to a market source.
The issuance included a €300 million tranche of 11% fixed-rate notes that priced at 97.25 to yield 11¾%, on top of talk.
It also included €572.66 million of three-month Euribor plus 600 basis points floating-rate notes that priced at 91, with the spread coming on top of spread talk and the issue price coming at the rich end of the 90 to 91 price talk.
The deal, backing the buyout of Italian specialty paper manufacturer Fedrigoni by Bain Capital and BC Partners, was downsized from €1.025 billion after having earlier been upsized from €875 million.
Goldman Sachs will bill and deliver. Other bookrunners were IMI-Intesa, Morgan Stanley, Santander, Nomura, UniCredit and BPER Banca.
The Milan-based company plans to use the proceeds to support the buyout, as well as the acquisition of Istanbul-based self-adhesive PVC manufacturer Unifol, and to repay debt.
| Issuer: | Fiber Bidco SpA
|
| Amount: | €872.66 million, decreased from €1.025 billion after increasing from €875 million
|
| Issue: | Senior secured notes
|
| Maturity: | Oct. 25, 2027
|
| Bookrunners: | Goldman Sachs (bill and deliver), IMI-Intesa, Morgan Stanley, Santander, Nomura, UniCredit and BPER Banca
|
| Trade date: | Oct. 14
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Fixed-rate notes
|
| Amount: | €300 million (range was €300 million to €350 million)
|
| Coupon: | 11%
|
| Price: | 97.25
|
| Yield: | 11¾%
|
| Call protection: | Two years
|
| Price talk: | 11% coupon at 97.5 to yield 11¾%
|
|
|
| Floating-rate notes
|
| Amount: | €572.66 million (range was €675 million to €725 million)
|
| Coupon: | Three-month Euribor plus 600 bps
|
| Price: | 91
|
| Call protection: | One year
|
| Price talk: | Euribor plus 600 bps at 90 to 91
|
|
|
© 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.
