Cerberus marketing €660 million two-part secured notes backing LBO of WFS Global

By Paul A. Harris

Portland, Ore., July 25 – Cerberus Capital Management, LP is marketing €660 million of senior secured notes due 2023 (B3/B-) in two tranches to help fund the leveraged buyout of WFS Global Holding SAS, according to a market source.

The notes will be priced via Promontoria Holding 264 BV, a special-purpose vehicle indirectly controlled by funds managed or advised by Cerberus, on Friday at the conclusion of an investor roadshow, according to a market source.

The Rule 144A and Regulation S deal includes fixed-rate notes which come with two years of call protection and floating-rate notes which come with one year of call protection.

Tranche sizes remain to be determined.

BofA Merrill Lynch and Barclays are the global coordinators. Citigroup, RBC and ING are joint bookrunners.

Proceeds, together with equity contributions from Cerberus Capital and the existing management of WFS Global, will be used to finance the indirect acquisition of WFS by Cerberus, including the repayment of certain WFS debt.

WFS Global is a Paris-based cargo handler.

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