Kiloutou talks €250 million floaters due 2030 at Euribor plus 350-375 bps at par; pricing Friday

By Paul A. Harris

Portland, Ore., Jan. 23 – France-based equipment rental company Kiloutou talked its €250 million offering of Kapla Holding SAS senior secured floating-rate notes due July 2030 (B1/B+) at Euribor plus 350 basis points to 375 bps with no Euribor floor at par, according to market sources, who add that the deal will price within range.

Spread talk comes inside of early spread guidance of 400 bps. Price talk comes at the rich end of the 99.5 to par early price guidance.

Pricing is expected on Friday, concurrently with the announcement of the results of a voluntary exchange of the company’s floating-rate notes due 2026.

The new Rule 144A and Regulation S 6.5-year notes become callable after one year at par.

Global coordinator JPMorgan will bill and deliver. Credit Agricole CIB is also a global coordinator. BNP Paribas, Natixis and SG are joint bookrunners.

Proceeds will be used to refinance the company’s floating-rate notes due 2027 and to repay amounts drawn on its revolver.

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