Kiloutou to sell €250 million floaters due July 2030; initial talk Euribor plus 400 bps at 99.5-par

By Paul A. Harris

Portland, Ore., Jan. 19 – France-based equipment rental company Kiloutou plans to sell €250 million of Kapla Holding SAS senior secured floating-rate notes due July 2030 (B2/B+), according to market sources.

The deal is in the market with initial spread talk of Euribor plus 400 basis points, and initial price talk of 99.5 to par.

Marketing was scheduled to begin with an investor conference call on Friday. Virtual meetings with investors are set to take place on Monday and Tuesday.

The size of the offering could grow by amounts accepted into a fungible, voluntary exchange of the company’s floating-rate notes due 2026.

The Rule 144A and Regulation S 6.5-year notes become callable after one year at par.

Global coordinator JPMorgan will bill and deliver. Credit Agricole CIB is also a global coordinator. BNP Paribas, Natixis and SG are joint bookrunners.

Proceeds will be used to refinance the company’s floating-rate notes due 2027, and to repay amounts drawn on its revolver.

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