By Paul A. Harris
Portland, Ore., Oct. 4 – Poland-based Canpack SA, in conjunction with Canpack US LLC, priced an $800 million issue of eight-year senior notes (BB/BB) at par to yield 3 7/8% in a Monday drive-by, according to market sources.
The yield printed at the wide end of yield talk in the 3¾% area and in line with initial guidance in the high 3% to 4% area.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BNP Paribas, Citigroup, HSBC and ING.
The can manufacturer, which is based in Krakow, plans to use proceeds to build a new plant in Muncie, Ind., and to expand its plant in Olyphant, Pa., as well as to fund potential growth projects.
| Issuers: | Canpack SA and Canpack US LLC
|
| Amount: | $800 million
|
| Maturity: | Nov. 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BNP Paribas, Citigroup, HSBC and ING
|
| Co-managers: | CaxiaBank and PKO
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | 253 bps
|
| First call: | Nov. 15, 2024 at 101.938
|
| Trade date: | Oct. 4
|
| Settlement date: | Oct. 12
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 3¾% area
|
| Marketing: | Drive-by
|
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