Italian machinery maker Industria Macchine Automatiche SpA, or IMA, has originally launched €1.28 billion of seven-year senior secured fixed and floating rate notes due 2027 to finance its buyout by BC Partners and So.Fi.M.A. Società Finanziaria Macchine Automatiche SpA. The fixed rate tranche has been upsized by €30 million to €830 million, sources told Reorg.
The fixed rate tranche of €830 million has two-years’ non-call protection while the floating-rate tranche of €450 million has one year of non-call protection. The notes are expected to be rated B2 by Moody’s and B by S&P and listed on the Luxembourg Stock Exchange.
Price talk for the fixed-rate tranche is in the 4% area, and the floating rates notes are guided at 99.5 with a margin in the Euribor+400 bps to E+425 bps range. The floating rate notes have a 0% floor.
European media and information services provider Infopro Digital has launched a new €685 million five-year offering of senior secured fixed and floating rate notes to refinance existing bonds and other debt.
Norwegian online classifieds company Adevinta has launched the issuance of €1.06 billion of senior secured notes due 2025, 2027 to fund a portion of the cash consideration for the acquisition of eBay Classifieds Group and refinance existing debt.
Global manufacturer of can, glass containers and metal closures for the beverage industry, CANPACK, has launched an offering of $1.1 billion-equivalent dollar and euro denominated senior notes through co-issuers Canpack S.A. and Canpack U.S. The issuance will have a euro tranche of seven years to feature non-call three protection and a dollar tranche of five years with non-call two protection.
French debt servicer and purchaser iQera has launched €200 million of fixed rate senior secured notes due 2024, the proceeds will be used to repay drawings on the group’s RCF, refinance €75 million of its floating rate notes, fund cash for general corporate purposes and pay transaction-related costs. The RegS/144A notes will feature non-call protection for one year.
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.
Encore Capital Group, the holding company of U.K. debt collector Cabot, has launched €300 million of senior secured notes due 2025. The proceeds from the bond along with drawings on senior facilities will be used to repay approximately $203.3M of drawn amounts under the group’s senior facilities, repay $40M of drawn amounts under the Encore senior facilities (which is expected to be terminated soon after the issue date), and prepay $103.7 million of Encore private placement notes.
Italian loan and real estate service company doValue S.p.A (the Issuer) has launched a new five-year €265 million senior secured bond to prepay a bridge facility used in the acquisition of 80% of the share capital of FPS Loans and Credits Claim Management Company S.A (FPS) by doValue Greece Holding S.M.S.A. (FPS HoldCo). It is contemplated that FPS HoldCo will merge into FPS (the Reverse Merger).
U.K. pub operator Stonegate has launched a five-year £950 million fixed rate senior secured bond along with a five-year €300 million floating rate senior secured bond. Proceeds will be used to repay £950 million of outstanding borrowings under the existing bridge facilities as well as £275 million of outstanding borrowings under the senior term facilities.
On Monday, Bite, a telecommunications group headquartered in Latvia with operations across the Baltic markets, launched a 5.5-year two-tranche €620 million senior secured bond deal. Proceeds will be used to repay in full the company’s credit facilities and to fund a reduction of its share capital.
Engineering Group, an Italian provider of IT services, software development and marketing platforms, has launched a €605 million offering of two year non-call senior secured notes due 2026 (the “Notes”) issued by Centurion Bidco S.p.A. (the “Issuer”).
German drive technologies manufacturer Renk has launched a €300 million five-year senior secured bond with a two-year non-call period and expected ratings of B1/B by Moody’s and S&P.
Thyssenkrupp Elevator is launching a series of notes to support the acquisition of the group by Advent and Cinven. The issuance will consist of €750 million seven-year non-call three senior secured notes, €1 billion seven-year non-call one senior secured FRNs, €1.25 billion equivalent-in-dollars seven-year non-call three senior secured notes, €650 million eight-year non-call three senior notes and €400 million equivalent-in-dollars eight-year non-call three-year senior notes. A global roadshow will be taking place until Wednesday, July 1, with pricing thereafter.
Today, June 22, Austrian sensor solutions group ams AG launched a new five-year €1 billion-equivalent senior unsecured bond, with proceeds to be used to partially fund the acquisition of Osram and to refinance debt.
Today, June 22, German window and door profile systems producer Profine launched a five-year €330 million non-call two senior secured bond, with proceeds to be used to refinance existing credit facilities.
South African pulp and paper group Sappi is offering €250 million in five-year senior notes to strengthen its balance sheet and provide liquidity headroom.
French storage company Rubis is marketing €410 million of five-year senior secured notes to repay debt incurred in the acquisition of a stake in the business and to refinance its existing debt.
Dutch geo-data group Fugro is marketing a 5NC2 €500 million senior secured bond to refinance debt. The roadshow started in London on Monday, Feb. 24, and continued today before moving to Paris and Amsterdam tomorrow and Frankfurt on Thursday, Feb. 27.
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