By Paul A. Harris
Portland, Ore., Feb. 10 – Paternoster Holding III GmbH, the indirect parent of Wittur International Holding GmbH, priced an upsized €225 million issue of eight-year senior notes (B3/CCC+) at par to yield 8½% on Tuesday, according to a market source.
The deal was upsized from €200 million.
The yield printed on top of yield talk.
Deutsche Bank managed the sale.
Proceeds, along with proceeds from a €195 million term loan, will be used to fund the acquisition of Wittur by Bain Capital.
Wittur is a Wiedenzhausen, Germany-based manufacturer of lift components.
| Issuer: | Paternoster Holding III GmbH, the indirect parent of Wittur International Holding GmbH
|
| Amount: | €225 million, upsized from €200 million
|
| Maturity: | Feb. 15, 2023
|
| Securities: | Senior notes
|
| Lead: | Deutsche Bank
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| First call: | Feb. 15, 2018 at 104.25
|
| Trade date: | Feb. 10
|
| Settlement date: | Feb. 17
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 8½% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
