By Abigail W. Adams
Portland, Me., Oct. 31 – Fiber Bidco SpA priced a €56,349,000 tap of its 11% senior secured notes due Oct. 25, 2027 (B2/B/BB-) on Monday at 101.25 to yield 10.673%, according to a market source.
Pricing came at the midpoint of talk for a reoffer price of 101 to 101½.
Goldman Sachs (bill and deliver), IMI-Intesa, Morgan Stanley, Santander, Nomura, UniCredit and BPER Banca were bookrunners for the Rule 144A and Regulation S offering.
Proceeds will be used to help fund the acquisition of Italian specialty paper manufacturer Fedrigoni by Bain Capital and BC Partners, to refinance Fedrigoni’s existing senior secured notes, to fund the acquisition of European specialty label paper producer Zuber and for general corporate purposes.
The Milan-based company priced a €300 million tranche of the 11% notes at 97.25 to yield 11¾% on Oct. 14 as part of a two-tranche offering that also included a €572.66 million issue of three-month Euribor plus 600 basis points floating-rate notes, which priced at 91.
| Issuer: | Fiber Bidco SpA
|
| Amount: | €56,349,000
|
| Issue: | Senior secured notes add-on
|
| Maturity: | Oct. 25, 2027
|
| Bookrunners: | Goldman Sachs (bill and deliver), IMI-Intesa, Morgan Stanley, Santander, Nomura, UniCredit and BPER Banca
|
| Coupon: | 11%
|
| Price: | 101.25
|
| Yield: | 10.673%
|
| Call protection: | Two years
|
| Trade date: | Oct. 31
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Reoffer price of 101 to 101½
|
| Marketing: | Quick to market
|
| Original issue: | €300 million tranche of 11% notes, which priced at 97.25 to yield 11¾% on Oct. 14
|
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