Kerneos' €335 million two-part offering of notes whispered at 6½% fixed, Euribor plus 400 bps

By Paul A. Harris

Portland, Ore., Feb. 24 - Price whisper surfaced Monday on Kerneos Tech Group SAS' €335 million two-part offering of seven-year senior secured notes (B2/B+/), according to a market source.

A €200 million minimum tranche of fixed-rate notes, callable after three years at par plus 50% of the coupon, is whispered at 6½%.

A to-be-determined amount of floating-rate notes, which will become callable after one year at 101, are whispered at a 400 basis points spread to Euribor.

The roadshow wraps up on Thursday.

Goldman Sachs International is the bookrunner for the Rule 144A and Regulation S deal. Mizuho Securities is the co-manager.

Proceeds will be used to finance the acquisition of Kerneos by Astorg Partners.

Kerneos is a Paris-based manufacturer and supplier of calcium aluminate cements.

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