Paprec sets price talk in €800 million two-part secured notes offer; pricing Thursday

By Paul A. Harris

Portland, Ore., March 15 – Paprec Holding set price talk in its €800 million two-part offering of seven-year senior secured notes (B1/B+), according to a market source.

The deal is coming in tranches of fixed-rate notes, which come with three years of call protection, talked at par to yield 4% to 4¼%, and floating-rate notes, which come with one year of call protection, talked at par with a spread to Euribor in the 375 basis points area.

Tranche sizes remain to be determined.

The Rule 144A and Regulation S deal is expected to price on Thursday.

Joint physical bookrunner Credit Suisse will bill and deliver. BNP Paribas and Credit Agricole CIB are also joint physical bookrunners. Natixis is a joint bookrunner. CM CIC is the manager.

The Paris-based recycling and waste management company plans to use the proceeds to redeem all €520 million of its 5¼% senior secured notes due 2022 and €185 million of its 7 3/8% senior subordinated notes due 2023, as well as to pay off its revolving credit facility and for general corporate purposes.

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