Germany's Monier sets price talk in €415 million two-part notes offer

By Paul A. Harris

Portland, Ore., April 8 - BMBG Bond Finance SCA, a subsidiary of Braas Monier Building Group SA, set price talk for its €415 million offering of senior secured notes due 2020 (B1/B-) in tranches of fixed-rate notes and floating-rate notes, a market source said on Tuesday.

A €200 million minimum tranche of fixed-rate notes, callable after three years at par plus 50% of the coupon, is talked to yield 6% to 6¼%.

A to-be-determined amount of floating-rate notes, callable after one year at 101, is talked to price at par with a Euribor spread in the 500 basis points area.

The deal is expected to price on Wednesday.

Joint global coordinator Goldman Sachs will bill and deliver for the Rule 144A and Regulation S offering. Deutsche Bank is also a joint global coordinator. BNP Paribas and JPMorgan are joint bookrunners.

The Oberursel, Germany-based building materials company plans to use the proceeds, along with a new €150 million term loan and €100 million revolver, to refinance debt.

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