Published on 10/17/2012 in the Prospect News High Yield Daily.
New Issue: Albea Beauty prices $647 million equivalent seven-year secured notes in two parts
By Paul A. Harris
Portland, Ore., Oct. 17 - Albea Beauty Holdings SA priced $647 million equivalent of seven-year senior secured notes (B2/B+) in two tranches on Wednesday, according to a market source.
A $385 million tranche priced at par to yield 8 3/8%, at the tight end of price talk set in the 8½% area.
Also a €200 million tranche priced at par to yield 8¾%, at the tight end of the 8¾% to 9% price talk.
Joint physical bookrunner Bank of America Merrill Lynch will bill and deliver for the dollar notes. JPMorgan, also a joint physical bookrunner, will bill and deliver for the euro-denominated notes. Barclays was the joint bookrunner.
Upon the release from escrow, the proceeds will be used to fund the acquisition of Rexam PC, as well as to refinance debt and for general corporate purposes.
Albea Beauty is a Gennevilliers, France-based producer of plastic packaging used by the cosmetics industry.
| Issuer: | Albea Beauty Holdings SA
|
| Amount: | $647 million equivalent
|
| Maturity: | Nov. 2, 2019
|
| Securities: | Senior secured notes
|
| Joint physical bookrunners: | Bank of America Merrill Lynch, JPMorgan
|
| Joint bookrunner: | Barclays
|
| Co-manager: | BMO, BNP Paribas, SG CIB
|
| Trade date: | Oct. 17
|
| Settlement date: | Oct. 31
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $385 million
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | 762 bps
|
| Call features: | Callable on Nov. 1, 2015 at 106.281, 104.188, 102.094, par on and after Nov. 1, 2018
|
| Equity clawback: | 40% at 108.375 until Nov. 1, 2015
|
| Price talk: | 8½% area
|
| Bill and deliver: | Bank of America
|
|
|
| Euro-denominated notes
|
| Amount: | €200 million
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 763 bps
|
| Call features: | Callable on Nov. 1, 2015 at 106.563, 104.375, 102.188, par on and after Nov. 1, 2018
|
| Equity clawback: | 40% at 108.75 until Nov. 1, 2015
|
| Price talk: | 8¾% to 9%
|
| Bill and deliver: | JPMorgan
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
