Polynt launches €300 million five-year secured notes to yield 9½%; books close Thursday

By Paul A. Harris

Portland, Ore., June 29 – Polynt Group launched its €300 million offering of SCIL IV LLC/SCIL USA Holdings LLC five-year senior secured notes (B1/BB-) at 9½%, according to market sources.

The launch yield comes in the middle of official talk in the 9½% area and wide to initial guidance in the low-to-mid 9% area.

Books close on Thursday, and the deal is set to price thereafter.

The notes come with two years of call protection.

JPMorgan is the lead.

The Bergamo, Italy-based specialty chemical producer plans to use the proceeds plus €183.7 million of balance sheet cash to fund a dividend to shareholders.

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