Caono €125 million 10-year notes talked to yield 10¾%-11%, to price Wednesday

By Paul A. Harris

St. Louis, Feb. 22 - Caono plc's €125 million offering of 10-year senior PIK notes (B+) is talked for a yield of 10¾% to 11%, according to market sources.

The offering, which will price at 99.00 and will not be upsized in terms of proceeds, is expected to price on Wednesday.

Citigroup and BNP Paribas are joint bookrunners for the Regulation S-only offering.

The notes will be callable in two years at 102, with the call premium declining to 101 in three years and to par in four years.

Proceeds will be used to make a contribution to Ardagh Glass and to repay minority parties.

Ardagh Glass is a Dublin, Ireland-based glass container manufacturer.

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