Lune Holdings/Kem One talks €450 million sustainability-linked notes in 5¾% area

By Paul A. Harris

Portland, Ore., Nov. 4 – Lune Holdings Sarl talked its €450 million offering of seven-year senior secured sustainability-linked notes (B2/B/B) to yield in the 5¾% area, according to market sources.

Official talk comes in line with initial guidance in the mid-to-high 5% area.

The deal, to help fund the acquisition of European PVC manufacturer Kem One Group by Apollo Group Management, is expected to price Thursday.

Global coordinator and joint bookrunner J.P. Morgan Securities LLC will bill and deliver. Barclays, HSBC Securities (USA) Inc. and RBC Capital Markets Corp. are also joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.

Proceeds plus balance sheet cash and a cash contribution from Apollo will be used to finance the acquisition and repay Kem One debt.

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