By Paul A. Harris
St. Louis, June 22 - SIG (Beverage Packaging Holdings (Luxembourg) II SA) priced an upsized €900 million two-part offering of high-yield notes on Friday, according to an informed source.
The Swiss beverage packaging firm priced an upsized €480 million issue of 9.5-year senior notes (B2/B+) at par to yield 8%, on top of the price talk. The senior note tranche was upsized from €450 million.
In addition SIG priced an upsized €420 million tranche of 10-year senior subordinated notes (B3/B-) at par to yield 9½%, also on top of price talk. The subordinated note tranche was upsized from €320 million.
Credit Suisse ran the books for the issues of notes, which were place via Rule 144A for life and via Regulation S.
The overall size of the transaction was increased from €770 million.
Proceeds will be used to refinance the company's bridge facility related to the leveraged buyout of SIG by Rank Group Holdings Ltd.
SIG has headquarters in Neuhausen am Rheinfall, Switzerland.
| Issuer: | SIG (Beverage Packaging Holdings (Luxembourg) II SA)
|
| Amount: | €900 million (increased from €770 million)
|
| Bookrunner: | Credit Suisse
|
| Trade date: | June 22
|
| Settlement date: | June 29
|
| Distribution: | Rule 144A for life/Regulation S
|
|
|
| Senior notes
|
| Amount: | €480 million (increased from €450 million)
|
| Maturity: | Dec. 15, 2016
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 375 bps
|
| Call protection: | Four years
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 8% area
|
|
|
| Senior subordinated notes
|
| Amount: | €420 million (upsized from €320 million)
|
| Maturity: | June 15, 2017
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 484 bps
|
| Call features: | Callable on June 15, 2012 at 104.75, 103.167, 101.583, par on and after June 15, 2015
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 9½% area
|
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