Selecta markets €1.3 billion equivalent secured notes in four parts

By Paul A. Harris

Portland, Ore., Jan. 16 – Selecta Group BV is on the road with €1.3 billion equivalent of six-year senior secured notes (expected ratings B3/B), according to a market source.

The Rule 144A and Regulation S deal includes euro-denominated fixed-rate notes with two years of call protection, euro-denominated floating-rate notes with one year of call protection, and krona-denominated floating-rate notes with a to-be-determined interval of call protection. Goldman Sachs International will bill and deliver for these three tranches.

The offering also includes Swiss franc-denominated fixed-rate notes with two years of call protection. Credit Suisse will bill and deliver for this tranche.

The roadshow was scheduled to run Monday and Tuesday in London, Wednesday in Paris and Stockholm, Thursday in Zurich and Amsterdam, and wrap up on Friday in Milan.

Goldman Sachs, Credit Suisse and BNP Paribas are the joint global coordinators. Banca IMI, Credit Agricole CIB, Deutsche Bank, ING, KKR and UniCredit Bank are the joint bookrunners.

The Cham, Switzerland-based self-service coffee and convenience food provider plans to use the proceeds to redeem its existing notes, to repay its term loan, to pay off its revolving credit facility, to undertake the Argenta Group refinancing, to repay an Argenta shareholder, to repay a Selecta minority investor and to put cash on balance sheet.

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