By Paul A. Harris
Portland, Ore., June 16 – Assemblin priced a €480 million issue of Apollo Swedish Bidco AB six-year senior secured floating-rate notes (B2/B/B) with a 500 basis points spread to Euribor at 98 on Friday, according to a market source.
The spread came on top of spread talk.
The price came at the rich end of the 97.5 to 98 price talk. Earlier talk was 97 to 97.5. Initial talk was 96 to 97.
The deal also underwent covenant changes, which primarily bear upon how the company may disburse cash and incur additional debt.
Deutsche Bank and JPMorgan were physical bookrunners and global coordinators. Nordea was a physical bookrunner and was also the Nordic coordinator. Joint bookrunners were Danske, DNB, SEB and Swedbank.
Proceeds will be used to repay the €350 million senior secured floating-rate notes due 2025 issued by Assemblin Group AB (formerly Assemblin Financing AB) and to repay certain debt of Apollo Swedish Bidco.
Assemblin is a Hagersten, Sweden-based end-to-end installation and service partner with operations in Sweden, Norway and Finland. The company installs and maintains technical systems in areas such as electricity, heating, sanitation, ventilation and automation in small and large projects.
| Issuer: | Apollo Swedish Bidco AB
|
| Amount: | €480 million
|
| Issue: | Senior secured floating-rate notes
|
| Tenor: | Six years
|
| Global coordinators: | Deutsche Bank and JPMorgan
|
| Nordic coordinator: | Nordea
|
| Physical bookrunners: | Deutsche Bank, JPMorgan and Nordea
|
| Joint bookrunners: | Danske, DNB, SEB and Swedbank
|
| Coupon: | Euribor plus 500 bps
|
| Floor: | 0%
|
| Price: | 98
|
| Call protection: | One year
|
| Trade date: | June 16
|
| Settlement date: | July 3
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Fitch: B
|
| Price talk: | Euribor plus 500 bps at 97.5 to 98
|
|
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