Renta launches €350 million floaters at Euribor plus 437.5 bps at par; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 27 – Renta Group Oy launched its rejiggered €350 million offering of five-year senior secured floating-rate notes (B2/B) with a 437.5 basis points spread to Euribor at par, with no Euribor floor, according to market sources.

The launch comes tight to talk in the Euribor in the 450 bps area at par. Initial guidance was Euribor plus 450 bps to 475 bps at par.

The Rule 144A and Regulation S deal is set 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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