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Published on 4/30/2021 in the Prospect News Green Finance Daily and Prospect News High Yield Daily.

Lonza sets talk in CHF 831 million equivalent sustainability-linked notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., April 30 – Lonza Specialty Ingredients set final price talk in its CHF 831 million equivalent (approximately $908 million equivalent) of sustainability-linked notes, market sources said.

The deal features $350 million of seven-year senior secured notes (expected ratings B2/B) talked in the 4 7/8% area, versus earlier talk in the 5¼% area. Initial guidance was in the low 5% area.

Lonza is also offering €460 million of eight-year senior unsecured notes (expected ratings Caa2/CCC+) talked in the 5 3/8% area, versus earlier talk in the 5½% area. Initial guidance was in the mid 5% area.

The notes are expected to price on Friday.

Deutsche Bank is the lead.

The notes in both tranches come with three years of call protection.

Proceeds plus CHF 1.8 billion equivalent of bank loans will be used to help fund the CHF 4.2 billion buyout of Lonza Specialty, a Basel, Switzerland-based specialty chemicals company, by Bain Capital Private Equity and Cinven.


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