By Paul A. Harris
Portland, Ore., Nov. 8 – Guala Closures SpA priced €510 million of five-year senior secured floating-rate notes (B) at par to yield Euribor plus 475 basis points last Friday, according to a market source.
The spread came at the tight end of the Euribor plus 475 bps to 500 bps spread talk. The price came at the rich end of the 99.5 to par price talk.
The issue size was increased from €500 million.
Credit Suisse was the lead left bookrunner. Banca IMI, Barclays, JPMorgan and UniCredit were the joint bookrunners.
The Alessandria, Italy-based manufacturer of closures for beverage containers plans to use the proceeds to repay its €275 million floating-rate senior secured notes due 2019 and parent company GCL Holdings SCA’s €200 million 9 3/8% senior notes due 2018.
| Issuer: | Guala Closures SpA
|
| Amount: | €510 million, increased from €500 million
|
| Maturity: | Nov. 15, 2021
|
| Securities: | Senior secured floating-rate notes
|
| Lead left bookrunner: | Credit Suisse
|
| Joint bookrunners: | Banca IMI, Barclays, JPMorgan, UniCredit
|
| Coupon: | Euribor plus 475 bps
|
| Price: | Par
|
| Yield: | Euribor plus 475 bps
|
| Call: | Nov. 15, 2017 at par
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 11
|
| Rating: | S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | Euribor plus 475 bps to 500 bps at 99.5 to par
|
| Marketing: | Roadshow
|
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