Schieder Moebel postpones €145 million note offer

By Paul A. Harris

St. Louis, July 13 - Schieder Moebel Holding GmbH postponed its €145 million offering of seven-year senior subordinated notes (B3/B-) on Wednesday, citing unfavorable rate indications, according to a market source.

The notes had been talked Tuesday at 10¼% to 10½%.

The source added that the company will explore alternatives to refinancing its debt in the high-yield market.

Citigroup and WestLB were joint bookrunners.

Schieder Moebel is a Herford, Germany, furniture company.

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