By Paul A. Harris
Portland, Ore., June 30 – Polynt Group priced a €300 million issue of SCIL IV LLC/SCIL USA Holdings LLC five-year senior secured notes (B1/BB-) at par to yield 9˝% on Thursday, according to market sources.
The yield came in the middle of yield talk in the 9˝% area and wide to initial guidance in the low-to-mid 9% area.
JPMorgan was the lead.
The Bergamo, Italy-based specialty chemical producer plans to use the proceeds plus €183.7 million of balance sheet cash to fund a dividend to its shareholders.
| Issuer: | SCIL IV LLC and SCIL USA Holdings LLC
|
| Amount: | €300 million
|
| Issue: | Senior secured notes
|
| Tenor: | Five years
|
| Lead: | JPMorgan
|
| Coupon: | 9˝%
|
| Price: | Par
|
| Yield: | 9˝%
|
| Call protection: | Two years
|
| Trade date: | June 29
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Price talk: | 9˝% area
|
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