Italy’s KME talks €300 million five-year secured notes in 7% area; pricing expected Friday

By Paul A. Harris

Portland, Ore., Feb. 2 – Italian copper supplier KME AG talked its €300 million offering of five-year senior secured notes (B3//B-) in the 7% area, according to a market source.

The deal is expected to price on Friday.

Joint global coordinator Goldman Sachs International will bill and deliver. BNP Paribas and Deutsche Bank are also joint global coordinators. Banca Akros SpA and Gruppo Banco BPM are joint bookrunners. Banca IMI and Raiffeisen Bank are co-managers.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.

The Milan-based company plans to use the proceeds to repay debt under its borrowing base facility, to pay off Intek Group loans and for general corporate purposes.

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