France’s Paprec calls 5¼% notes at 102.625, 7 3/8% notes at 105.531

By Susanna Moon

Chicago, March 16 – Paprec Holding issued redemption notices for its €520 million principal amount of 5¼% senior secured notes due 2022 and €185 million principal amount of 7 3/8% senior subordinated notes due 2023.

Each series of notes will be redeemed on April 1 with a payment date of April 3. The record date is March 29.

The 5¼% notes will be redeemed at a redemption price of 102.625% of par, or €533.65 million, plus accrued interest to but excluding the redemption date, for an aggregate payment of €547.3 million, according to the company notice.

The redemption price for the 7 3/8% notes will be 105.531%, or €195,232,350, plus accrued interest to but excluding the redemption date, for a total price of €202,054,225, according to a separate notice.

The company said on March 12 that it planned to redeem the two series of notes using proceeds of €800 million new senior secured notes due 2025.

Paprec also plans to use the new issue proceeds to repay its revolving credit facility and for general corporate purposes.

The company priced an €800 million two-part offering of seven-year senior secured notes on March 15 in tranches of fixed-rate notes and floating-rate notes, as reported.

The issuer is a Paris-based recycling and waste management company.

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