By Paul A. Harris
Portland, Ore., Nov. 5 – Ontex Group NV priced €250 million of seven-year senior secured notes (Ba3) at par to yield 4¾% on Wednesday, according to a market source.
The yield printed at the tight end of the 4¾% to 4 7/8% yield talk.
BNP Paribas, Commerzbank, HSBC, ING, KBC, MUFG and UniCredit were the joint bookrunners.
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 issuer is an Aalst-Erembodegem, Belgium-based manufacturer of branded and retailer-brand disposable hygienic products marketed in Europe, the Middle East and Africa.
| Issuer: | Ontex Group AV
|
| Amount: | €250 million
|
| Maturity: | Nov. 15, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | BNP Paribas, Commerzbank, HSBC, ING, KBC, MUFG, UniCredit
|
| Co-manager: | Mediobanca
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Call protection: | Three years
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 14
|
| Rating: | Moody's: Ba3
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 4 7/8%
|
| Marketing: | Roadshow
|
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