By Paul A. Harris
Portland, Ore., May 9 – Kepler SpA priced a €345 million issue of Euribor plus 575 basis points seven-year senior secured floating-rate notes (B3/B-) at 96 on Friday, according to a market source.
The spread came on top of spread talk. The issue price came at the cheap end of the 96 to 97 price talk.
The deal underwent document changes, sources said.
BNP Paribas was the left lead bookrunner. Joint bookrunners were Mediobanca and Nomura.
Proceeds plus balance sheet cash will be used to repay the bridge loan put in place to fund the acquisition of Biofarma SpA by France-based private equity investor Ardian SAS from White Bridge Investments.
Biofarma is an Italian supplier of personal care products, including nutritional supplements.
| Issuer: | Kepler SpA
|
| Amount: | €345 million
|
| Issue: | Senior secured floating-rate notes
|
| Tenor: | Seven years
|
| Left bookrunner: | BNP Paribas
|
| Joint bookrunners: | Mediobanca and Nomura
|
| Coupon: | Euribor plus 575 bps
|
| Price: | 96
|
| Call protection: | One year
|
| Trade date: | May 6
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Spread talk: | Euribor plus 575 bps
|
| Price talk: | 96 to 97
|
|
|
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