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Picard launches €1.71 billion three-part sustainability-linked notes; allocations Wednesday
By Paul A. Harris
Portland, Ore., June 30 – Picard Group SAS launched its revived €1.71 billion three-part offering of sustainability-linked notes on Wednesday, setting final tranche sizes and coupons, according to market sources.
Wednesday’s finals have the deal coming with €750 million of five-year non-call two-year senior secured fixed-rate notes (expected ratings B3/B/B+) launched at 3 7/8%, tight to talk in the 4% area. Initial guidance was in the low 4% area.
A €650 million tranche of five-year non-call one-year senior secured floating-rate notes comes at a 400 basis points spread to Euribor with no Euribor floor launched at par. The spread and floor launched on top of talk. The issue price comes at the rich end of the 99.75 to par price talk.
The Paris-based frozen food supplier also launched €310 million of six-year non-call 2.5-year senior unsecured notes (expected ratings Caa1/CCC+/CCC+) at 5 3/8%, tight to talk in the 5½% area. Initial guidance was in the high 5% area.
Allocations are expected later on Wednesday.
Credit Suisse, Goldman Sachs and JPMorgan are the joint bookrunners.
Proceeds plus balance sheet cash will be used to refinance debt and fund a distribution to shareholders.
Picard cited market conditions as it postponed a €1.71 billion three-part offering of sustainability-linked high-yield notes in late April.
That offering also featured two tranches of secured notes and one tranche of unsecured notes but came with greater maturity risk.
The April deal featured €1.45 billion of seven-year senior secured notes in two tranches and €260 million of eight-year senior unsecured notes.
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