By Paul A. Harris
Portland, Ore., July 27 – Schenck Process Holding GmbH priced an upsized €125 million issue of 6 7/8% five-year senior secured notes (B3/B) at 97.01 to yield 7 5/8% on Friday, according to market sources.
The issue size was increased from €100 million.
The yield printed inside of the 7¾% to 8% yield talk.
Global coordinator and joint bookrunner Deutsche Bank will bill and deliver.
The Darmstadt, Germany-based provider of industrial weighing, screening, conveying, automation, filtration and loading/transportation equipment plans to use the proceeds to pay off the bridge loan related to its acquisition of Raymond Bartlett Snow.
| Issuer: | Schenck Process Holding GmbH
|
| Amount: | €125 million, increased from €100 million
|
| Maturity: | June 15, 2023
|
| Securities: | Senior secured notes
|
| Global coordinator: | Deutsche Bank (bill and deliver)
|
| Bookrunners: | Deutsche Bank, Credit Suisse, Goldman Sachs, UniCredit
|
| Coupon: | 6 7/8%
|
| Price: | 97.01
|
| Yield: | 7 5/8%
|
| First call: | Make-whole call at Bunds plus 50 bps until Dec. 15, 2019, then callable at a premium
|
| Trade date: | July 27
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¾% to 8%
|
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