Mauser Packaging accelerates timing on $2.75 billion notes offering; roadshow to end Monday

By Paul A. Harris

Portland, Ore., Jan. 27 – Mauser Packaging Solutions Holding Co. accelerated the timing of its $2.75 billion offering of senior first-lien notes due Aug. 15, 2026 (B2/B), according to market sources.

The updated roadshow schedule has the deal remaining in the market through Monday. Previously the roadshow had been scheduled to run through Wednesday.

Pending the release of official price talk, initial guidance has the notes coming to yield in the mid-to-high 8% area.

BofA Securities Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KKR Capital Markets LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S for life 3.5-year notes come with 1.5 years of call protection and are set to become callable after Aug. 15, 2024 at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period. They also feature a 101% poison put.

The Oak Brook, Ill.-based packaging company plans to use the proceeds plus its 2023 term loan and an equity investment to refinance its secured notes and its 2017 term loan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.