By Paul A. Harris
Portland, Ore., Feb. 5 – HP Pelzer Holding GmbH priced a €50 million add-on to its 7˝% senior secured notes due July 15, 2021 (B2/B+) at 104 to yield 6.723% on Thursday, according to a market source.
The reoffer price came at the rich end of the 103.5 to 104 price talk.
JPMorgan was the sole bookrunner for the quick-to-market deal.
Proceeds will be used to put up cash collateral for existing debt, make an inter-company loan to the parent company Adler Group and for general corporate purposes.
Milan, Italy-based Adler acquired HP Pelzer in 2013.
The company manufactures acoustic and thermal components and systems for the automotive sector.
| Issuer: | HP Pelzer Holding GmbH
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| Face amount: | €50 million
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| Proceeds: | €52 million
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| Maturity: | July 15, 2021
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| Security description: | Add-on to 7˝% senior secured notes due July 15, 2021
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| Bookrunner: | JPMorgan
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| Coupon: | 7˝%
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| Price: | 104
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| Yield: | 6.723%
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| Spread: | 688 bps
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| First call: | July 15, 2017 at 103.75
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| Trade date: | Feb. 5
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| Ratings: | Moody’s: B2
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| Standard & Poor’s: B+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 103.5 to 104
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| Marketing: | Quick to market
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| Original issue: | €230 million priced at par on July 22, 2014
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| Fungibility: | Add-on notes will be fungible with the original notes
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| Total issue size: | €280 million
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