New Issue: Cerdia sells $600 million 10½% five-year notes at 97 to yield 11.297%

By Paul A. Harris

Portland, Ore., Jan. 27 – Cerdia Finanz GmbH priced a $600 million issue of 10½% five-year senior secured notes (B3/B-) at 97 to yield 11.297% on Thursday, according to a syndicate source.

The coupon and issue price came on top of talk.

Bookrunner Jefferies was the global coordinator. Other bookrunners were Barclays, BofA, Credit Suisse, Deutsche Bank, Goldman Sachs, NatWest and UBS.

The issuer, a financing unit of Baden-Wurttemberg, Germany-based chemical company Cerdia Holding Sarl, intends to use the proceeds to refinance its capital structure.

Issuer:	Cerdia Finanz GmbH
Amount:	$600 million
Issue:	Senior secured notes
Maturity:	Feb. 15, 2027
Joint bookrunners:	Jefferies (global coordinator), Barclays, BofA, Credit Suisse, Deutsche Bank, Goldman Sachs, NatWest and UBS
Coupon:	10½%
Price:	97
Yield:	11.297%
First call:	Feb. 15, 2024 at 105.25
Trade date:	Jan. 27
Settlement date:	Feb. 7
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	10½% coupon at 97
Marketing:	Roadshow

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