By Paul A. Harris
Portland, Ore., Jan. 17 – WEPA Hygieneprodukte GmbH priced a €250 million issue of 5 5/8% seven-year senior secured (B1/B+) at 99.288 to yield 5¾% on Wednesday, according to market sources.
The yield came at the tight end of the 5¾% to 5 7/8% yield talk. Initial guidance was in the 6% area.
HSBC was the left bookrunner and global coordinator. Deutsche Bank was the joint physical bookrunner, and JPMorgan was a joint bookrunner.
The Germany-based producer and supplier of tissue products plans to use the proceeds to fully redeem its €200 million of outstanding floating-rate notes due December 2026, as well as to fund a dividend, and for general corporate purposes, including mergers and acquisitions.
| Issuer: | WEPA Hygieneprodukte GmbH
|
| Amount: | €250 million
|
| Issue: | Senior secured notes
|
| Maturity: | Jan. 15, 2031
|
| Left bookrunner: | HSBC (global coordinator, bill and deliver)
|
| Joint physical bookrunner: | Deutsche Bank
|
| Joint bookrunner: | JPMorgan
|
| Co-manager: | Commerzbank
|
| Coupon: | 5 5/8%
|
| Price: | 99.288
|
| Yield: | 5¾%
|
| Spread: | 358 bps
|
| First call: | Jan. 15, 2027 at 102.813
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody’s: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% to 5 7/8%
|
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