By Paul A. Harris
Portland, Ore., July 1 – Titan Holdings II BV priced a €375 million issue of eight-year senior notes (Caa2/CCC+/CCC+) at par to yield 5 1/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk in the 5¼% area.
Global coordinator Deutsche Bank will bill and deliver. Barclays was also a global coordinator. Joint bookrunners were BNP Paribas, Credit Agricole, Credit Suisse and UBS.
Proceeds will be used to help fund the acquisition of Titan by KPS Capital Partners and fund cash on Titan Group's balance sheet.
Titan is a European manufacturer of metal food cans and ends.
| Issuer: | Titan Holdings II BV
|
| Amount: | €375 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Global coordinators: | Deutsche Bank (bill and deliver) and Barclays
|
| Joint bookrunners: | BNP Paribas, Credit Agricole, Credit Suisse and UBS
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 542 bps
|
| Call protection: | Three years
|
| Trade date: | July 1
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC+
|
| Fitch: CCC+
|
| Price talk: | 5¼% area
|
|
|
© 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.
