N&W Global shops €40 million tap of 7% notes, pricing Thursday

By Paul A. Harris

Portland, Ore., June 22 – N&W Global Vending SpA is expected to price a €40 million add-on to its 7% senior secured notes due Oct. 15, 2023 on Thursday, according to a market source.

Goldman Sachs is the sole bookrunner.

The notes have call protection prior to Oct. 15, 2019.

The Valbrembo, Italy-based manufacturer of coffee machines plans to use the proceeds to fund the cash consideration for a joint venture with Quebec City-based coffee machines manufacturer Les Entreprises Cafection Inc. and to repay debt under its revolving credit facility.

The original €300 million issue priced at 98.5 to yield 7.277% on Oct. 7, 2016.

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