Greif talks €200 million 10-year bullet notes with 7¼%-7½% yield

By Paul A. Harris

Portland, Ore., July 7 - Greif Luxembourg Finance SCA talked its €200 million offering of 10-year bullet notes (Ba2/BB/) with a 7¼% to 7½% yield on Thursday, according to an informed source.

The order books are scheduled to close at 5 a.m. ET on Friday, and the deal is expected to price thereafter.

Joint bookrunner Bank of America Merrill Lynch is the global coordinator and will bill and deliver. J.P. Morgan Securities LLC and RBS Securities Inc. are also joint bookrunners.

The Rule 144A and Regulation S for life notes will be non-callable and will feature a Bunds plus 50 basis points make-whole provision.

Proceeds will be used to repay non-U.S. borrowings under the company's revolving multi-currency credit facility and for general corporate purposes, including the financing of acquisitions.

The issuing entity is a Luxembourg-based financing unit of Greif Inc., a Delaware, Ohio-based producer of steel, plastic, fiber, flexible and corrugated containers and container board.

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