By Paul A. Harris
Portland, Ore., June 25 – Profine Group priced its debut high-yield issue, a €340 million amount of five-year senior secured notes (B3/B-), which came at par to yield 9¼% on Thursday, according to a market source.
JPMorgan was the sole physical bookrunner. Morgan Stanley was the joint bookrunner.
The notes came in line with initial guidance in the low-to-mid 9% area.
The notes were sold via HT Troplast GmbH.
The Troisdorf, Germany-based PVC window and door producer plans to use the proceeds to repay bank debt.
| Issuer: | HT Troplast GmbH
|
| Amount: | €340 million
|
| Maturity: | July 15, 2025
|
| Securities: | Senior secured notes
|
| Sole physical bookrunner: | JPMorgan (bill and deliver)
|
| Joint bookrunner: | Morgan Stanley
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 996 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until July 15, 2022, then callable at 104.625
|
| Equity clawback: | 40% at 109.25 until July 15, 2022
|
| Trade date: | June 25
|
| Settlement date: | July 6
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
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