Picard withdraws €1.71 billion three-part sustainability-linked notes offer, cites cost of capital

By Paul A. Harris

Portland, Ore., April 23 – Picard Group SAS withdrew its €1.71 billion three-part offering of sustainability-linked high-yield notes because it was unable to realize an all-in cost of capital in line with its expectations, according to market sources.

The deal included €1.45 billion of seven-year senior secured notes (B3/B/B+) in two tranches and €260 million of Picard Bondo SA eight-year senior unsecured notes (Caa1/CCC+/CCC+).

Goldman Sachs, Credit Suisse, Deutsche Bank, HSBC and Natixis were managing the sale.

The Paris-based frozen food supplier planned to use proceeds plus cash on its balance sheet to refinance debt and fund a €276 million distribution to shareholders.

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