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Adler Pelzer talks €230 million seven-year notes to yield 7¼%-7½%; pricing Tuesday
By Paul A. Harris
Portland, Ore., July 21 – HP Pelzer Holding GmbH talked its €230 million offering of seven-year senior secured notes (//BB) to yield 7¼% to 7½%, according to a market source.
Books close at 6 a.m. ET on Tuesday, and the deal is set to price thereafter.
Joint bookrunner JPMorgan will bill and deliver. UniCredit is also a joint bookrunner.
The Rule 144A and Regulation S for life notes come with three years of call protection.
Proceeds will be used to refinance debt, for general corporate purposes and to fund the purchase of Adler SpA’s foreign subsidiaries.
Milan, Italy-based Adler acquired HP Pelzer in 2013.
The company manufactures acoustic and thermal components and systems for the automotive sector.
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