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Silgan shops $200 million tap of 4 1/8% notes, €500 million new notes; books close Wednesday
By Paul A. Harris
Portland, Ore., Feb. 19 – Silgan Holdings, Inc. plans to price two tranches of senior notes (existing ratings Ba3/BB-), both maturing in 2028, according to market sources.
The dual-currency offering features a $200 million add-on to the company’s 4 1/8% senior notes due Feb. 1, 2028.
Price talk for the add-on is 99.25 to 99.5, rich to initial talk in the 99 area.
The 4 1/8% notes become callable on Oct. 1, 2022 at 102.063. The original $400 million issue priced in November 2019.
Silgan is also offering €500 million of new senior notes due June 1, 2028, callable after three years at par plus 50% of the coupon.
Talk for the new euro-denominated notes is in the 2 3/8% area.
Both tranches of notes were shopped on a Wednesday conference call with investors.
Timing on both tranches was accelerated. Books for the euro-denominated notes were scheduled to close at noon ET on Wednesday. Books for the dollar-denominated add-on were scheduled to close at 1 p.m. ET on Wednesday. When announced, both tranches were expected to remain in the market until Thursday.
BofA Securities Inc. is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. Wells Fargo Securities LLC, Mizuho Securities USA Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.
Rabo Securities, TD Securities (USA) LLC, BMO Capital Markets Corp., Capital One Securities Inc., MUFG, UniCredit, CIBC World Markets Corp., PNC Capital Markets LLC, Scotia Capital (USA) Inc., DZ, Janney Montgomery and RBI are the co-managers.
The Stamford, Conn.-based producer of rigid packaging for consumer goods plans to use the proceeds to prepay most of its outstanding U.S. A term loans under its amended and restated senior secured credit facility.
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