By Paul A. Harris
Portland, Ore., June 11 – Switzerland-based packaging group SIG Combibloc Group AG priced €1 billion of split-rated notes (Ba2/BBB-) in two bullet tranches on Thursday, according to a market source.
Bookrunners were Goldman Sachs, UBS and UniCredit.
The deal included an upsized €450 million tranche of three-year notes, which priced at par to yield 1 7/8%. The tranche size increased from €400 million. The yield printed at the tight end of the 1 7/8% to 2% yield talk.
The upsizing of the three-year tranche was accomplished by shifting proceeds to it from the concurrent five-year tranche, a downsized €550 million of five-year notes that priced at par to yield 2 1/8%. The tranche decreased from €600 million. The yield printed at the tight end of the 2 1/8% to 2¼% yield talk.
The overall deal played to €2.9 billion of demand, which was skewed to the long maturity tranche, the market source said.
The Neuhausen am Rheinfall, Switzerland-based company plans to use the proceeds to refinance a portion of its capital structure.
| Issuer: | SIG Combibloc AG
|
| Amount: | €1 billion
|
| Bookrunners: | Goldman Sachs, UBS and UniCredit
|
| Trade date: | June 11
|
| Ratings: | Moody's: Ba2
|
| S&P: BBB-
|
|
|
| Three-year notes
|
| Amount: | €450 million, increased from €400 million
|
| Coupon: | 1 7/8%
|
| Price: | Par
|
| Yield: | 1 7/8%
|
| Call protection: | Bullet
|
| Price talk: | 1 7/8% to 2%
|
|
|
| Five-year notes
|
| Amount: | €550 million, decreased from €600 million
|
| Coupon: | 2 1/8%
|
| Price: | Par
|
| Yield: | 2 1/8%
|
| Call protection: | Bullet
|
| Price talk: | 2 1/8% to 2¼%
|
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