Chicago, Jan. 4 – Cullinan Holdco SCSp, a special purpose vehicle, sold €630 million of notes in two parts, both with an Oct. 15, 2026 maturity date (B1/B+/BB+), to help Apollo Global Management fund its 80% acquisition of AS Graanul Invest, according to listing notices and a press release.
The offering included €250 million of floating-rate sustainability-linked senior notes that were sold at 99.75.
Interest will be at Euribor plus 475 basis points, with a 0% Euribor floor. The rate will step up by 75 bps on the step-up date.
The deal included €380 million of 4 5/8% sustainability-linked senior notes, priced at par.
Based in Tallinn, Estonia, Graanul is a wood pellet producer.
| Issuer: | Cullinan Holdco SCSp
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| Amount: | €630 million
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| Maturity: | Oct. 15, 2026
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| Settlement date: | Nov. 11
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| Ratings: | Moody’s: B1
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| S&P: B+
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| Fitch: BB+
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| Floating
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| Amount: | €250 million
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| Issue: | Floating-rate sustainability-linked senior secured notes
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| Coupon: | Euribor plus 475 bps, with a 0% floor; steps up by 75 bps on step-up date
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| Price: | 99.75
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| ISINs: | XS2397354288, XS2397354015
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| Fixed
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| Amount: | €380 million
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| Issue: | Sustainability-linked senior notes
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| Coupon: | 4 5/8%
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| Price: | Par
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| Yield: | 4 5/8%
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| ISINs: | XS2397355095, XS2397354528
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