Italy’s Fedrigoni to sell €665 million six-year secured floaters

By Paul A. Harris

Portland, Ore., Jan. 9 – Italy-based paper manufacturer Fedrigoni started a virtual roadshow on Tuesday for a €665 million offering of Fiber Bidco SpA senior secured floating-rate notes due 2030 (B2/B/BB-), according to market sources.

The roadshow runs through Thursday.

The Rule 144A and Regulation S six-year notes become subject to an initial call after one year at 101.

Sole physical bookrunner and global coordinator Goldman Sachs will bill and deliver. Nomura and UniCredit are global coordinators and joint bookrunners.

Banca Monte Dei Paschi, Santander, BNP Paribas, BPER Banca, Intesa, Mizuho and Morgan Stanley are the co-managers.

The Verona, Italy-based company plans to use the proceeds plus cash on hand and certain proceeds from the sale and leaseback transaction to redeem the Fiber Bidco Euribor plus 600 basis points senior secured floating-rate notes due October 2027.

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