Kiloutou finalizes €250 million floaters due 2030 at 350 bps over Euribor at par; pricing Friday

By Paul A. Harris

Portland, Ore., Jan. 25 – France-based equipment rental company Kiloutou finalized pricing in its €250 million offering of Kapla Holding SAS senior secured floating-rate notes due July 2030 (B1/B+) with a 350 basis points spread to Euribor, with no Euribor floor, at par, according to a market source.

The final spread comes at the tight end of the 350 bps to 375 bps spread talk. The issue price comes on top of price talk.

Books close on Thursday, and the deal is set to price on Friday, with terms expected alongside the announcement of the outcome of a concurrent exchange/tender offer.

The new Rule 144A and Regulation S 6.5-year notes become callable after one year at par.

Global coordinator JPMorgan will bill and deliver. Credit Agricole CIB is also a global coordinator. BNP Paribas, Natixis and SG are joint bookrunners.

Proceeds will be used to refinance the company’s floating-rate notes due 2027 and to repay amounts drawn on its revolver.

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