Lycra upsizes to $1 billion, sets tight-to-guidance talk on two part secured notes; pricing Friday

By Paul A. Harris

Portland, Ore., April 19 – Lycra Co. upsized its two-part offering of senior secured notes (B1/B) to $1 billion equivalent from $810 million equivalent and set price talk tight to initial guidance, according to a market source.

The Rule 144A and Regulation S deal includes an upsized $690 million of seven-year notes with three years of call protection, talked at 7½% to 7¾%, versus initial guidance in the 8% area. The tranche size is increased from $500 million.

The deal also includes €250 million of five-year notes with two years of call protection, talked to yield in the 5½% area, versus initial guidance in the 6% area.

Books close late Thursday, and the deal is set to price on Friday.

Joint global coordinator and sole physical bookrunner JPMorgan will bill and deliver. Barclays is also a joint global coordinator.

Proceeds will be used to finance the acquisition of Lycra Co. by Shandong Ruyi Technology Group.

The issuing entities will be Eagle Intermediate Global Holding BV and Ruyi US Finance LLC.

The company makes Lycra Fiber and operates other advanced fiber technologies.

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