By Paul A. Harris
Portland, Ore., March 15 – Paprec Holding priced €800 million of seven-year senior secured notes (B1/B+) in two tranches on Thursday, according to market sources.
The deal included €575 million of fixed-rate notes that priced at par to yield 4%. The yield printed on top of price talk and at the tight end of the 4% to 4¼% yield talk.
In addition, Paprec priced €225 million of Euribor plus 350 basis points floating-rate notes at par, with a 0% Euribor floor. The price printed on top of price talk. The spread came at the tight end of spread talk in the 375 bps area.
Joint physical bookrunner Credit Suisse will bill and deliver. BNP Paribas and Credit Agricole CIB were also joint physical bookrunners. Natixis was a joint bookrunner.
The Paris-based recycling and waste management company plans to use the proceeds to redeem all €520 million of its 5¼% senior secured notes due 2022 and €185 million of its 7 3/8% senior subordinated notes due 2023, as well as to pay off its revolving credit facility and for general corporate purposes.
| Issuer: | Paprec Holding
|
| Amount: | €800 million
|
| Tenor: | Seven years
|
| Securities: | Senior secured notes
|
| Joint physical bookrunners: | Credit Suisse (bill and deliver), BNP Paribas, Credit Agricole CIB
|
| Joint bookrunner: | Natixis
|
| Manager: | CM CIC
|
| Trade date: | March 15
|
| Settlement date: | March 29
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €575 million
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Call protection: | Three years
|
| Price talk: | 4% to 4¼% at par
|
|
|
| Floating-rate notes
|
| Amount: | €225 million
|
| Coupon: | Euribor plus 350 bps
|
| Euribor floor: | 0%
|
| Price: | Par
|
| Yield: | Euribor plus 350 bps
|
| Call protection: | One year
|
| Price talk: | Euribor plus 375 bps at par
|
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