Paprec talks €225 million tap of 5¼% secured due 2022 at 104-104.5; pricing Thursday

By Paul A. Harris

Portland, Ore., March 15 – France-based recycling firm Paprec Holding talked a €225 million add-on to its 5¼% senior secured notes due April 1, 2022 (B1/expected B+) at 104 to 104.5, according to market sources.

The deal is set to price on Thursday.

Global coordinator Credit Suisse Securities (Europe) Ltd. will bill and deliver. Credit Agricole is also a global coordinator.

The notes become callable on April 1, 2018 at 102.625.

Proceeds from the Rule 144A and Regulation S offering will be used in part to fund Paprec's proposed acquisition of Collectes Valorisation Energie Dechets SAS (Coved) and repay Coved's existing shareholder loans.

The original €295 million issue priced at par in March 2015.

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