Huhtamaki finalizes talk on €300 million five-year notes at 5¼%-5 3/8%; pricing Thursday

By Paul A. Harris

Portland, Ore., Nov. 16 – Huhtamaki Oyj finalized talk on its €300 million offering of five-year senior notes (BB+) at 5¼% to 5 3/8%, according to a market source.

The deal will price within that range, according to the source, who added that at the final talk orders stood at €1.4 billion.

Final talk comes inside of earlier official talk in the 5½% area. Early guidance was in the 5¾% area.

The Regulation S notes are subject to a make-whole call at Bunds plus 75 basis points until three months prior to maturity, whereupon they become callable at par. They are otherwise non-callable.

BNP Paribas, Nordea and SEB are the joint lead managers. Nordea will bill and deliver.

The Espoo, Finland-based packaging company plans to use the proceeds to fund the concurrent tender for €150 million of its 1 5/8% notes due October 2024 and for general corporate purposes.

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