New Issue: Fedrigoni prices €665 million six-year floaters at Euribor plus 400 bps at par

By Paul A. Harris

Portland, Ore., Jan. 11 – Italy-based paper manufacturer Fedrigoni priced a €665 million issue of Fiber Bidco SpA three-month Euribor plus 400 basis points six-year senior secured floating-rate notes (B2/B/BB-) at par on Thursday, according to market sources.

The spread came at the tight end of the 400 bps to 425 bps spread talk. Early spread guidance was 425 bps to 450 bps.

The issue price came on top of price talk. Early price guidance was 99.5.

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

Issuer:	Fiber Bidco SpA
Amount:	€665 million
Issue:	Senior secured floating-rate notes
Maturity:	Jan. 15, 2030
Physical bookrunner:	Goldman Sachs (bill and deliver)
Global coordinators:	Goldman Sachs, UniCredit and Nomura
Co-managers:	Banca Monte Dei Paschi, Santander, BNP Paribas, BPER Banca, Intesa, Mizuho and Morgan Stanley
Coupon:	Euribor plus 400 bps
Floor:	0%
Price:	Par
First call:	After one year at 101
Trade date:	Jan. 11
Settlement date:	Jan. 22
Ratings:	Moody’s: B2
	S&P: B
	Fitch: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	Euribor plus 400 bps to 425 bps

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