Lecta sets size ranges, price talk for two-part offering of notes

By Paul A. Harris

Portland, Ore., May 3 - Luxembourg-based Lecta SA set size ranges and price talk for its two-part offering of senior secured notes (B1) on Thursday, according to a market source.

The deal will feature €330 million to €360 million of six-year floating-rate notes, which come with two years of call protection and are talked with a Euribor spread of 525 basis points to 550 bps at a reoffer price of 99.

In addition Lecta is offering €230 million to €260 million of seven-year fixed-rate notes, which come with three years of call protection and are talked with a yield in the 9% area.

The books close at 7 a.m. ET on Friday.

Joint bookrunner Deutsche Bank AG will bill and deliver for the Rule 144A and Regulation S for life deal. Credit Suisse and Morgan Stanley are also joint bookrunners.

The coated paper manufacturer plans to use the proceeds to refinance debt.

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