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Ontex talks €250 million seven-year secured notes to yield 4¾%-4 7/8%; pricing expected Wednesday
By Paul A. Harris
Portland, Ore., Nov. 5 – Ontex Group NV talked its €250 million offering of seven-year senior secured notes (Ba3) to yield 4¾% to 4 7/8%, according to an informed source, who added that the deal is going well and is expected to price Wednesday at the tight end of that range.
Books are closed.
BNP Paribas, Commerzbank, HSBC, ING, KBC, MUFG and UniCredit are the joint bookrunners. Mediobanca is the co-manager.
The Rule 144A and Regulation S notes come with three years of call protection.
Proceeds, along with a term loan, will be used to redeem in full Ontex’s existing €395 million of 7½% senior secured notes due 2018 and €235 million of 9% senior unsecured notes due 2019.
The prospective issuer is an Aalst-Erembodegem, Belgium-based manufacturer of branded and retailer-brand disposable hygienic products marketed in Europe, the Middle East and Africa.
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