By Paul A. Harris
Portland, Ore., May 4 - Luxembourg's Lecta SA priced €590 million of senior secured notes (B1) in two tranches on Friday, according to a market source.
The transaction included an upsized €390 million tranche of three-month Euribor plus 550 basis points six-year notes, which were priced at 99.
The tranche came upsized by €30 million from the upper end of the €330 million to €360 million range at which the deal launched. The Euribor spread came at the wide end of the 525 bps to 550 bps spread talk. The reoffer price came on top of price talk.
Lecta also priced a downsized €200 million tranche of fixed-rate notes at par to yield 8 7/8%.
The tranche came downsized by €30 from the €230 million to €260 million range at which the deal launched. The yield printed at the tight end of yield talk, which was set in the 9% area.
Joint bookrunner Deutsche Bank AG will bill and deliver. Credit Suisse and Morgan Stanley were also joint bookrunners.
The coated paper manufacturer plans to use the proceeds to refinance debt.
| Issuer: | Lecta SA
|
| Face amount: | €590 million
|
| Proceeds: | €586.1 million
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank AG (bill and deliver), Credit Suisse, Morgan Stanley (joint)
|
| Co-managers: | BBVA, UniCredit
|
| Trade date: | May 4
|
| Settlement date: | May 11
|
| Rating: | Moody's: B1
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Floating-rate notes
|
| Face amount: | €390 million, upsized from €330 million to €360 million range
|
| Proceeds: | €386.1 million
|
| Maturity: | May 15, 2018
|
| Coupon: | Three-month Euribor plus 550 bps
|
| Price: | 99
|
| Call features: | Callable after May 15, 2014 at 101, par on and after May 15, 2015
|
| Price talk: | Euribor plus 525 bps to 550 bps at 99
|
|
|
| Fixed-rate notes
|
| Amount: | €200 million, downsized from €230 million to €260 million range
|
| Maturity: | May 15, 2019
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | 783 bps
|
| Call features: | Callable after May 15, 2015 at 106.656, 104.438, 102.219, par on and after May 15, 2018
|
| Price talk: | 9% area
|
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