By Paul A. Harris
Portland, Ore., Nov. 8 - France's Global Closure Systems priced an upsized €350 million issue of five-year senior secured notes (B2/B) at par to yield 6½% on Friday, according to an informed source.
The yield printed at the tight end of the 6½% to 6¾% yield talk.
The issue was upsized from €335 million. Along with the upsize a concurrent private placement of pay-in-kind notes was downsized to €75 million from €90 million.
Physical bookrunner Credit Suisse will bill and deliver. BNP Paribas, Commerzbank, Goldman Sachs and KKR were the joint bookrunners.
Proceeds will be used to refinance debt.
The issuing entity will be GCS Holdco Finance 1 SA.
Global Closure Systems is a Paris-based manufacturer of closure and dispensing systems for consumer products.
| Issuer: | GCS Holdco Finance I SA (Global Closure Systems)
|
| Amount: | €350 million, increased from €335 million
|
| Maturity: | Nov. 15, 2018
|
| Securities: | Senior secured notes
|
| Physical bookrunner: | Credit Suisse
|
| Joint bookrunners: | BNP Paribas, Commerzbank, Goldman Sachs, KKR
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| First call: | Nov. 15, 2015 at 103.25
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Roadshow
|
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