By Paul A. Harris
Portland, Ore., May 30 - CABB Group priced €585 million of high-yield notes in three tranches on Friday, according to a market source.
The €410 million senior portion of the deal, via special-purpose vehicle Montichem Holdco 3, came in the form of two tranches of seven-year senior secured notes (B2/B).
Of these two pieces, a €175 million tranche of floating-rate notes priced at par to yield Euribor plus 475 basis points. Both the spread and reoffer price came on top of talk.
The second €235 million tranche of fixed-rate notes priced at par to yield 5¼%, on top of yield talk.
The junior portion of the bond financing, via Montichem Holdco 2, was a €175 million tranche of eight-year senior unsecured fixed-rate notes (Caa1/CCC+) which priced at par to yield 6 7/8%. The yield for the unsecured notes printed in the middle of the 6¾% to 7% yield talk.
Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas, Credit Suisse and IKB Deutsche Industriebank are also joint bookrunners.
Proceeds will be used to help finance the buyout of CABB by Permira Holdings Ltd.
CABB is a Sulzbach, Germany-based chemical company focused on the pharmaceutical and agrochemical sectors.
| Company: | CABB Group
|
| Amount: | €585 million
|
| Bookrunners: | Deutsche Bank (bill and deliver), BNP Paribas, Credit Suisse, IKB Deutsche Industriebank
|
| Trade date: | May 30
|
| Settlement date: | June 10
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Senior secured floating-rate notes
|
| Issuer: | Montichem Holdco 3
|
| Amount: | €175 million
|
| Maturity: | June 15, 2021
|
| Coupon: | Euribor plus 475 bps
|
| Price: | Par
|
| Yield | Euribor plus 475 bps
|
| First call June 15, 2015 at 101
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | Euribor plus 475 bps at par
|
|
|
| Senior secured fixed-rate notes
|
| Issuer: | Montichem Holdco 3
|
| Amount: | €235 million
|
| Maturity: | June 15, 2021
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 445 bps
|
| First call: | June 15, 2017 at 102.625
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 5¼% to 5½%
|
|
|
| Senior unsecured fixed-rate notes
|
| Issuer: | Montichem Holdco 2
|
| Amount: | €175 million
|
| Maturity: | June 15, 2022
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 587 bps
|
| First call: | June 15, 2017 at 105.16
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 6¾% to 7%
|
|
|
© 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.
