By Paul A. Harris
Portland, Ore., July 22 Lecta SA has priced 600 million of six-year senior secured notes (B2/B) in two tranches, according to a Friday press release.
Included were 225 million of three-month Euribor plus 637.5 basis points floating-rate notes, which priced at 99, and 375 million of fixed-rate notes, which priced at par to yield 6½%.
Joint bookrunner Deutsche Bank will bill and deliver. Credit Suisse, BBVA and UniCredit were also joint bookrunners.
Proceeds will be used to help fund an exchange for the existing senior secured notes due 2018.
Lecta is a Barcelona, Spain-based manufacturer and distributor of specialty paper for labels and flexible packaging, coated paper for publishing and commercial printing, and other print media.
| Issuer: | Lecta SA
|
| Amount: | 600 million
|
| Maturity: | Six years
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), Credit Suisse, BBVA, UniCredit
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A for life
|
| Marketing: | Roadshow
|
|
|
| Floating-rate notes
|
| Amount: | 225 million
|
| Coupon: | Three-month Euribor plus 637.5 bps
|
| Price: | 99
|
| Call protection: | One year
|
|
|
| Fixed-rate notes
|
| Amount: | 375 million
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call protection: | Three years
|
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