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Covenant Tearsheet
14 September 2020 7:34 pm
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Maxeda’s €400M 2026 Senior Secured Notes

Dutch DIY retailer Maxeda has launched a six-year non-call two €400 million of senior secured notes. Proceeds, together with €52 million of cash on hand, will be used to repay in full €435 million of the group’s existing 6⅛% senior secured notes due 2022 (the “2022s”). The remaining €40 million of existing notes are held by the group, which will be cancelled prior to the completion of this offering. At the time of issuance, the issuer expects to enter into a €65 million revolving credit facility which, along with certain priority hedging obligations, will be secured on a super senior basis and receive proceeds of enforcement of the collateral ahead of the noteholders.

Goldman Sachs and ING are global coordinators on the deal. ABN Amro and BNP Paribas are acting as joint bookrunners.

Investors meetings will be taking place today, with pricing thereafter.

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