By Paul A. Harris
Portland, Ore., May 14 - Glasstank BV priced a €185 million issue of 8½% five-year senior secured notes (confirmed Caa1/expected CCC) at 91.05 to yield 10 7/8% on Wednesday, according to a market source.
The coupon came on top of coupon talk. The yield printed at the tight end of yield talk in the 11% area.
Citigroup was the bookrunner for the deal that was upsized from €180 million.
The Rotterdam, Netherlands-based glass container and tableware company plans to use the proceeds to refinance debt and for general corporate purposes.
Glasstank operates as Yioula Glass in Greece and the Balkans.
| Issuer: | Glasstank BV
|
| Amount: | €185 million, increased from €180 million
|
| Maturity: | May 15, 2019
|
| Securities: | Senior secured notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 8½%
|
| Price: | 91.05
|
| Yield: | 10 7/8%
|
| Spread: | 1,038.5 bps
|
| First call: | May 15, 2016 at 104.25
|
| Trade date: | May 14
|
| Settlement date: | May 21
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: Expected CCC
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8½% coupon at a discount to yield 11% area
|
| Marketing: | Roadshow
|
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