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CABB sets price talk in €640 million three-part offering of notes
By Paul A. Harris
Portland, Ore., Sept. 26 – CABB Group set price talk in its €640 million three-part offering of notes, according to a market source.
The deal features two tranches of secured notes via issuing entity Montichem Holdco 3 SA.
They include €300 million minimum of 5.5-year fixed-rate notes with two years of call protection, talked to yield 5¼% to 5½%, as well as a to-be-determined amount of 5.5-year floating-rate notes talked to price at par with a 525 basis points to 550 bps spread to three-month Euribor, an no Euribor floor.
The sole unsecured tranche comes as seven-year senior notes with three years of call protection, via issuing entity Montichem Holdco 2 SA, talked with a 9½% coupon at 97.522 to yield 10%.
The Sulzbach, Germany-based specialty chemicals company plans to use the proceeds, together with cash on the balance sheet, to redeem existing notes in full and repay bank debt.
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