By Paul A. Harris
Portland, Ore., March 24 – Adler Pelzer Group priced a €350 million issue of seven-year senior secured notes (B1/B+) at par to yield 4 1/8% on Friday, according to a market source.
The yield printed at the tight end of yield talk in the 4¼% area.
JPMorgan was the lead bookrunner.
The Bad Durrenberg, Germany-based producer of automotive acoustic systems and trim parts plans to use the proceeds to refinance debt.
| Issuer: | Adler Pelzer Group
|
| Amount: | €350 million
|
| Tenor: | Apri1 1, 2024
|
| Securities: | Senior secured notes
|
| Bookrunner: | JPMorgan
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8
|
| Call protection: | Three years
|
| Trade date: | March 24
|
| Settlement date: | April 6
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Price talk: | 4¼% area
|
| Marketing: | Roadshow
|
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