Groupe Ecore Holding talks €255 million five-year floater at Euribor plus 625 bps at 98

By Paul A. Harris

Portland, Ore., Nov. 14 – Groupe Ecore Holding SAS (Luxembourg) talked a €255 million offering of five-year senior secured floating-rate notes (B/BB-) with a 625 basis points spread to Euribor, a 0% Euribor floor and an original issue discount price of 98, according to a market source.

The Rule 144A and Regulation S offering is set to price on Thursday.

Barclays is the bookrunner.

The notes become callable after two years at 102 and feature a 101% poison put.

The France-based recycling company plans to use the proceeds, together with a new factoring facility and cash on its balance sheet, to fund a distribution to its shareholders, to repay its existing factoring facility and to repay existing bank loans.

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