Fedrigoni whispers €665 million floaters due 2030 at Euribor plus 425-450 bps at 99.5

By Paul A. Harris

Portland, Ore., Jan. 10 – Italy-based paper manufacturer Fedrigoni set initial guidance on its €665 million offering of Fiber Bidco SpA senior secured floating-rate notes due 2030 (B2/B/BB-) on Wednesday, according to market sources.

Initial spread talk is Euribor plus 425 basis points to 450 bps, with no Euribor floor. Initial price talk is 99.5.

The deal is set to price on Thursday.

The Rule 144A and Regulation S six-year notes become subject to an initial call after one year at 101.

Sole physical bookrunner and global coordinator Goldman Sachs will bill and deliver. Nomura and UniCredit are global coordinators and joint bookrunners.

Banca Monte Dei Paschi, Santander, BNP Paribas, BPER Banca, Intesa, Mizuho and Morgan Stanley are the co-managers.

The Verona, Italy-based company plans to use the proceeds plus cash on hand and certain proceeds from the sale and leaseback transaction to redeem the Fiber Bidco Euribor plus 600 bps senior secured floating-rate notes due October 2027.

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