By Paul A. Harris
Portland, Ore., June 19 – Dometic Group AB priced a €314 million issue of five-year senior PIK toggle notes (Caa2/CCC+/) at par to yield 9½% on Thursday, according to a market source.
The yield printed at the tight end of the 9½% to 9¾% yield talk.
Joint bookrunner Goldman Sachs International will bill and deliver. Nordea was also a joint bookrunner.
Proceeds will be used to repay debt.
Dometic is a Solna, Sweden-based provider of products for recreational, commercial and passenger vehicles, including refrigerators and air conditioners.
| Issuer: | Dometic Group AB
|
| Amount: | €314 million
|
| Maturity: | June 26, 2019
|
| Securities: | Senior PIK toggle notes
|
| Bookrunners: | Goldman Sachs International (bill and deliver), Nordea
|
| Co-managers: | DNB Markets, Handelsbanken Capital Markets, SEB, Swedbank
|
| Cash coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 914 bps
|
| Call protection: | Two years
|
| Trade date: | June 19
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% to 9¾%
|
| Marketing: | Roadshow
|
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