By Paul A. Harris
Portland, Ore., Dec. 9 - Germany's WEPA Hygieneprodukte GmbH priced a €52 million add-on to its 6½% secured notes due May 15, 2020 (expected ratings B2/B+/) at 107 to yield 5.201% on Monday, according to a market source.
The reoffer price came on top of price talk.
Joint bookrunner Deutsche Bank will bill and deliver. HSBC was also a joint bookrunner.
The Arnsberg, Germany-based manufacturer of toilet paper, napkins, kitchen towels, handkerchiefs and facial tissues plans to use the proceeds for general corporate purposes.
| Issuer: | WEPA Hygieneprodukte GmbH
|
| Amount: | €52 million
|
| Maturity: | May 15, 2020
|
| Security description: | Add-on to 6½% secured notes due May 15, 2020
|
| Bookrunners: | Deutsche Bank (bill and deliver), HSBC
|
| Coupon: | 6½%
|
| Price: | 107
|
| Yield: | 5.201%
|
| Spread: | 408 bps
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 16
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 107
|
| Marketing: | Quick to market
|
| Original issue: | €275 million priced at par on May 2, 2013
|
| Total issue size: | €327 million
|
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