By Rebecca Melvin
Concord, N.H., Nov. 5 – Lune Holdings Sarl priced €450 million seven-year senior secured sustainability-linked notes (B2/B/B) at par, according to a notice published by the London Stock Exchange on Friday.
The Rule 144A and Regulation S notes came at par with a 5 5/8% coupon, which was tight to talk for yield in the 5¾% area, according to market sources.
The notes become callable after three years at par plus 50% of the coupon.
Global coordinator and joint bookrunner J.P. Morgan AG will bill and deliver. Barclays, HSBC and RBC Capital Markets are also joint bookrunners.
The deal is earmarked to help fund the acquisition of European PVC manufacturer Kem One Group by Apollo Group Management.
Proceeds plus balance sheet cash and a cash contribution from Apollo will be used to finance the acquisition and repay Kem One debt.
| Issuer: | Lune Holdings Sarl
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| Issue: | Sustainability-linked notes
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| Amount: | €450 million
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| Term: | Seven years
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| Bookrunners: | J.P. Morgan AG will bill and deliver. Barclays, HSBC and RBC Capital Markets
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| Coupon: | 5 5/8%
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| Price: | Par
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| Yield: | 5 5/8%
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| Calls: | Non-callable for three years then callable at par plus 50% of the coupon
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| Pricing date: | Nov. 4
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| Distribution: | Rule 144A and Regulation S
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| Talk: | In the 5¾% area
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