By Paul A. Harris
Portland, Ore., July 13 – Kaefer Isoliertechnik GmbH & Co. priced a €250 million issue of 5.5-year senior secured notes (B1/BB-/BB) at par to yield 5˝% on Friday, according to a market source.
Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas and UniCredit were also joint bookrunners.
The Bremen, Germany-based asset integrity services and solution provider plans to use the proceeds to repay debt and for general corporate purposes.
Kaefer specializes in insulation, access, surface protection and passive fire protection, as well as interior outfitting for the marine and offshore industry.
| Issuer: | Kaefer Isoliertechnik GmbH & Co.
|
| Amount: | €250 million
|
| Maturity: | Jan. 10, 2024
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), BNP Paribas and UniCredit
|
| Co-managers: | BayernLB and IKB Deutsche Industriebank
|
| Coupon: | 5˝%
|
| Price: | Par
|
| Yield: | 5˝%
|
| Spread: | 574 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until July 10, 2020, then callable at 102.75
|
| Special call: | 10% of issue annually at 103 during the non-call period
|
| Equity clawback: | 40% at 105.5 until July 10, 2020
|
| Trade date: | July 13
|
| Settlement date: | July 24
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
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