Renta talks €350 million five-year floater at Euribor plus 450 bps area; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 27 – Renta Group Oy talked its rejiggered €350 million offering of five-year senior secured floating-rate notes (B2/B) with a spread to Euribor in the 450 basis points area at par, with no Euribor floor, according to market sources.

Official talk comes tight to initial guidance of Euribor plus 450 bps to 475 bps at par.

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

Earlier in the week the issuer abandoned plans to issue fixed-rate notes, electing instead to offer the floating-rate notes with the same tenor.

The notes will become callable after one year at 101.

Global coordinator and joint bookrunner JPMorgan will bill and deliver. Nordea, Deutsche Bank, DNB and SEB are also joint bookrunners.

Proceeds plus an equity contribution will be used to fund the acquisition of the Finland-based equipment rental company by IK Partners and to refinance Renta’s debt.

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