By Rebecca Melvin
New York, Feb. 5 – Kleopatra Finco Sarl and Kleopatra Holdings 2 SCA priced €700 million of notes in two parts, according to a London Stock Exchange post-stabilization notice.
The €400 million of five-year senior secured notes (B) and €300 million of 5.5-year senior notes (CCC+) priced at par.
Both Rule 144A and Regulation S tranches come with two years of call protection.
Bookrunners for the offering are J.P. Morgan Securities plc, Credit Suisse, Deutsche Bank and Rabobank.
Proceeds, according to S&P Global Ratings, will be used to refinance a €1.4 billion term loan due June 2022 and €395 million payment-in-kind toggle notes due June 2023. The remaining proceeds will fund transaction fees and accrued interest.
The notes are expected to be listed on the International Stock Exchange.
Kleopatra is related to Kloeckner Pentaplast, a Montabaur, Germany-based manufacturer of rigid plastic film solutions.
| Issuers: | Kleopatra Finco Sarl and Kleopatra Holdings 2 SCA
|
| Issue: | Senior secured notes and senior notes
|
| Amount: | €700 million
|
| Bookrunners: | J.P. Morgan Securities plc, Credit Suisse, Deutsche Bank and Rabobank
|
| Pricing date: | Feb. 5
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Issue: | Senior secured notes
|
| Amount: | €400 million
|
| Price: | Par
|
| Calls: | After two years
|
| Rating: | S&P: B
|
|
|
| 5.5-year notes
|
| Issue: | Senior notes
|
| Amount: | €300 million
|
| Price: | Par
|
| Calls: | After two years
|
| Rating: | S&P: CCC+
|
|
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