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Denmark’s APC to sell up to €42 million four-year secured notes talked at 7½%-7¾% at 97
By Paul A. Harris
Portland, Ore., Oct. 1 – Denmark’s APC Forsikringsmaeglere A/S opened the books on an offering of up to €42 million of four-year senior secured notes on Monday, according to a market source.
Talk has the deal pricing at 97 to yield from 7½% to 7¾%.
Pareto Securities is the bookrunner.
The notes become callable after two years at 101.
The deal comes with maintenance covenants and incurrence covenants.
The issuer's borrowing limit is €60 million.
The issuing entity will be APC HoldCo ApS.
The Copenhagen-based pension broker plans to use the proceeds to help fund the purchase price for the shares in APC, as well as to refinance existing debt and for general corporate purposes.
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