New Issue: Schoeller Allibert prices €210 million five-year secured notes at par to yield 8%

By Paul A. Harris

Portland, Ore., Sept. 29 – Schoeller Allibert Group BV priced a €210 million issue of five-year senior secured notes (B2/B-) at par to yield 8% on Thursday, according to an informed source.

The yield printed on top of yield talk.

Citigroup ran the books.

The Hoofddorp, Netherlands-based plastic packaging company plans to use the proceeds to repay debt.

Issuer:	Schoeller Allibert Group BV
Amount:	€210 million
Maturity:	Oct. 1, 2021
Securities:	Senior secured notes
Bookrunner:	Citigroup
Co-managers:	ABN Amro, Rabobank
Coupon:	8%
Price:	Par
Yield:	8%
Call:	Make-whole call at Bunds plus 50 bps until Oct. 1, 2018, then callable at 104
Equity clawback:	35% at 108 until Oct. 1, 2018
Trade date:	Sept. 29
Settlement date:	Oct. 7
Ratings:	Moody's: B2
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	8% area
Marketing:	Roadshow

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