By Paul A. Harris
Portland, Ore., July 6 – Profine (HT Troplast GmbH), a Germany-based producer of PVC window profiles, priced a €380 million offering of five-year senior secured notes (B2/B) at par to yield 9 3/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 9˝% area. Initial guidance was in the mid-to-high 9% area.
JPMorgan was the left bookrunner. Joint bookrunners were Deutsche Bank and Commerzbank.
Proceeds plus a draw on the company’s revolving credit facility will be used to pay off the company’s notes maturing in 2025 and to fund a €20 million dividend to shareholders.
Issuer: | Profine (HT Troplast GmbH)
|
Amount: | €380 million
|
Issue: | Senior secured notes
|
Tenor: | Five years
|
Left bookrunner: | JPMorgan
|
Joint bookrunners: | Deutsche Bank and Commerzbank
|
Coupon: | 9 3/8%
|
Price: | Par
|
Yield: | 9 3/8%
|
Call protection: | Two years
|
Trade date: | July 6
|
Ratings: | Moody’s: B2
|
| S&P: B
|
Price talk: | 9˝% area
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.