Verallia moves up timing on €860 million notes offering, drops dollar tranche, now pricing Friday

By Paul A. Harris

Portland, Ore., July 22 – Verallia moved up timing for its €860 million offering of high-yield notes and withdrew a proposed dollar-denominated tranche while leaving the overall size of the deal unchanged.

Price talk is due out Thursday, and the deal is expected to price and allocate on Friday. The schedule announced earlier in the week had the roadshow running to July 28.

On offer are Horizon Holdings III SAS €560 million of seven-year senior secured notes (B1/B+), which come with three years of call protection. The proposed dollar-denominated tranche of the secured notes was withdrawn with the proceeds shifted to the euro-denominated tranche.

In addition Horizon Holdings I SAS is selling €300 million of eight-year senior unsecured notes (B3/B-), which also come with three years of call protection.

Global coordinator Credit Suisse will bill and deliver. Deutsche Bank is also a global coordinator.

Barclays, BNP Paribas, Nomura and SG CIB are joint bookrunners.

Proceeds will be used to fund the buyout of the France-based glass packaging manufacturer by Apollo and to repay debt.

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