Monier postpones €250 million notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., May 9 - Germany's Monier Group has postponed its €250 million offering of seven-year senior secured notes (B2//B+) due to market conditions, sources said on Wednesday.

The deal, which was in the market via bookrunners JPMorgan, Deutsche Bank AG and Morgan Stanley, ran an investor roadshow and had been talked to yield 10¼% to 10½%.

However the company did not get traction among European accounts at those levels, sources said, adding that interest only developed when rate discussions were moved up to 11%.

Hence the company put out feelers to investors in the United States, according to a sellside source not in the deal.

The Frankfurt-based supplier of roofing products and services had planned to use the proceeds to refinance bank debt.

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