By Paul A. Harris
Portland, Ore., Jan. 26 – France-based equipment rental company Kiloutou priced an upsized €650 million issue of Kapla Holding SAS 6.5-year senior secured floating-rate notes (B1/B+) with a 350 basis points spread to Euribor, no Euribor floor, at par, on Friday, according to a market source.
The final spread came at the tight end of the 350 bps to 375 bps spread talk. The issue price came on top of price talk.
The new issue/exchange deal was announced at a size of €250 million of notes to be placed independently of the results of a concurrent fungible, voluntary exchange of the 2026 floating-rate notes. Away from the exchange the placement increased to €461,857,000. The final issue size increased to €650 million by amounts accepted into the exchange.
Proceeds will be used to refinance the company’s floating-rate notes due 2027 and to repay amounts drawn on its revolver.
| Issuer: | Kapla Holding SAS
|
| Amount: | €650 million
|
| Issue: | Senior secured floating-rate notes
|
| Maturity: | July 31, 2030
|
| Global coordinators: | Credit Agricole and JPMorgan
|
| Joint bookrunners: | BNP Paribas, Natixis and SG
|
| Coupon: | Euribor plus 350 bps
|
| Floor: | 0%
|
| Price: | Par
|
| Call protection: | One year
|
| Trade date: | Jan. 26
|
| Ratings: | Moody’s: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Euribor plus 350 bps to 375 bps
|
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