Assemblin firms talk on €480 million six-year secured floaters at Euribor plus 500 bps at 97.5-98

By Paul A. Harris

Portland, Ore., June 16 – Assemblin finalized talk in its €480 million offering of Apollo Swedish Bidco AB six-year senior secured floating-rate notes (B2/B/B) with a 500 basis points spread to Euribor, a 0% Euribor floor, at 97.5 to 98, according to market sources.

Final spread talk comes on top of earlier guidance.

Price talk comes rich to earlier talk of 97 to 97.5 and to initial talk of 96 to 97.

Along with price talk came covenant changes, which primarily bear upon how the company may disburse cash and incur additional debt.

The deal is expected to price before the weekend, a source said.

The notes come with one year of call protection.

Deutsche Bank and JPMorgan are physical bookrunners and global coordinators. Nordea is a physical bookrunner and is also the Nordic coordinator.

Danske, DNB, SEB and Swedbank are the joint bookrunners.

Proceeds will be used to repay the €350 million senior secured floating-rate notes due 2025 issued by Assemblin Group AB (formerly Assemblin Financing AB), and to repay certain debt of Apollo Swedish Bidco.

Assemblin is a Hagersten, Sweden-based end-to-end installation and service partner with operations in Sweden, Norway and Finland. The company installs and maintains technical systems in areas such as electricity, heating, sanitation, ventilation and automation in small and large projects.

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