Paprec to retire revolver, redeem notes via €800 million new issue

By Susanna Moon

Chicago, March 12 – Paprec Holding plans to repay and cancel its revolving credit facility as well as to redeem two series of notes using proceeds of €800 million new senior secured notes due 2025.

Paprec plans to redeem its €520 million principal amount of 5¼% senior secured notes due 2022 and €185 million principal amount of 7 3/8% senior subordinated notes due 2023, according to an announcement.

Proceeds also will be used for general corporate purposes.

The company launched an €800 million two-part offering of seven-year senior secured notes on Monday, as reported by Prospect News.

The deal is coming in tranches of fixed-rate notes, which come with three years of call protection, and floating-rate notes, which come with one year of call protection.

The issuer is a Paris-based recycling and waste management company.

© 2015 Prospect News.
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