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South Africa’s Sappi talks €350 million seven-year secured notes to yield 4%-4¼%, shortens roadshow
By Paul A. Harris
Portland, Ore., March 15 – Sappi Ltd. talked its €350 million offering of seven-year senior secured notes (Ba2/expected BB-) to yield 4% to 4¼%, a market source said on Tuesday.
Dealers cut short a roadshow that was scheduled to carry into Wednesday. The new timeline has the deal pricing midday Tuesday, New York time.
Global coordinator Citigroup will bill and deliver for the Rule 144A and Regulation S offering. Credit Agricole CIB and JPMorgan are also global coordinators. Erste, KBC, Royal Bank of Scotland, Standard Chartered Bank and UniCredit are joint bookrunners.
The notes feature a make-whole call for three years and then become callable at a premium. They also feature a three-year 35% equity clawback.
The Johannesburg, South Africa-based coated paper manufacturer plans to use the proceeds to refinance $350 million of 6 5/8% notes due April 2021.
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