France's Albea plans to price $150 million five-year PIK toggle notes on Wednesday

By Paul A. Harris

Portland, Ore., Nov. 4 - Albea plans to price a $150 million offering of five-year senior secured PIK toggle notes (expected ratings Caa2/CCC+) on Wednesday, according to an informed source.

An investor call is scheduled for Tuesday.

JPMorgan and BofA Merrill Lynch are the joint bookrunners.

The notes come with one year of call protection.

The Gennevilliers, France-based personal care products company plans to use the proceeds to fund a dividend.

This deal was incorrectly reported as a euro-denominated offering in the Nov. 4 edition of Prospect News High Yield Early Update.

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