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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
MTRL
PRCD
CANPCKCANPCK
Canpack SA, Eastern PA Land Investment Holding LLC-
2EMEA
Oct 15, 2020
currency
USD
size (m)
400.000
maturity
Nov 1, 2025
type
Fixed
tenor
5.000
call
3.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
Ba2
s&p
BB
fitch
-
size description
-
re-open/tap
No
ipt
mid-high 3s
ipt-pxd
-
guidance
3.25% area
spread
282
coupon
3.125%
spread set
-
price
100.00000
yield
3.130%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
currency
EUR
size (m)
600.000
maturity
Nov 1, 2027
type
Fixed
tenor
7.000
call
3.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
Ba2
s&p
BB
fitch
-
size description
-
re-open/tap
No
ipt
High 2s
ipt-pxd
-
guidance
2.50% area
spread
315
coupon
2.375%
spread set
-
price
100.00000
yield
2.380%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
coordinating managers
-
Tranche Comments
Registration: 144A/Reg S; Comments: 10/15/2020 CANPACK SA/Eastern PA Land Investment Holding LLC (CANEAS) US$1.1bn equivalent (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB (stable/stable). Via Citi(EUR B&D)/HSBC/WFS (US B&D) joint glocos/physical books/BNPP joint books, Caixa, PKO BP as co-managers. No reg rights. List Lux. NY law. First coupon 05/01/21. Settles 10/26 (T+7). - US$400m due 11/01/25 (5y). NC2 (MWC T+50bp), then at 101.5625, 100.7813, 100. Equity claw: 2y 40% 103.125. 90% clean-up call. 144A CUSIP: 13805AAA5. IPT mid-high 3s. Price talk: 3.25% area. Launched: $400m at 3.125%. Priced: 3.125% at 100, yield 3.13%. +282bp vs 0.25% 09/30/25.; Registration: 144A/Reg S; Comments: 10/15/2020 CANPACK SA/Eastern PA Land Investment Holding LLC (CANEAS) US$1.1bn equivalent (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB (stable/stable). Via Citi(EUR B&D)/HSBC/WFS (US B&D) joint glocos/physical books/BNPP joint books, Caixa, PKO BP as co-managers. No reg rights. List Lux. NY law. First coupon 05/01/21. Settles 10/26 (T+7). - EUR600m due 11/01/27 (7y). NC3 (MWC B+50bp), then at 101.1875, 100.5938, 100. Equity claw: 3y 40% at 102.375. 90% clean-up call. Reg S ISIN: XS2247616514. IPT: high 2s. Price talk: 2.50% area. Launched: EUR600m at 2.375%. Priced: 2.375% at 100, yield 2.38%. +315bp vs DBR 00,5% 08/15/27;
Deal Comments
10/15/2020 CANPACK SA/Eastern PA Land Investment Holding LLC (CANEAS) US$1.1bn equivalent (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB (stable/stable). Via Citi(EUR B&D)/HSBC/WFS (US B&D) joint glocos/physical books/BNPP joint books, Caixa, PKO BP as co-managers. No reg rights. List Lux. NY law. First coupon 05/01/21. Settles 10/26 (T+7). - EUR600m due 11/01/27 (7y). NC3 (MWC B+50bp), then at 101.1875, 100.5938, 100. Equity claw: 3y 40% at 102.375. 90% clean-up call. Reg S ISIN: XS2247616514. IPT: high 2s. Price talk: 2.50% area. Launched: EUR600m at 2.375%. Priced: 2.375% at 100, yield 2.38%. +315bp vs DBR 00,5% 08/15/27 - US$400m due 11/01/25 (5y). NC2 (MWC T+50bp), then at 101.5625, 100.7813, 100. Equity claw: 2y 40% 103.125. 90% clean-up call. 144A CUSIP: 13805AAA5. IPT mid-high 3s. Price talk: 3.25% area. Launched: $400m at 3.125%. Priced: 3.125% at 100, yield 3.13%. +282bp vs 0.25% 09/30/25. US/European roadshow 10/12-15 (European investor call 1:30pm UKT 10/12, US investor call 10am NYT 10/13). Books closed: EUR at 9am NYT/2pm UKT 10/15, USD at 10am NYT/3pm UKT 10/15. UOP: Repay revolver ($200m), redeem private placement notes ($663m), GCP ($216m), including capex to construct a new plant in Olyphant, Pennsylvania. Biz: the issuer represents CANPACK SA's U.S. operations. CANPACK SA is a global manufacturer of high-quality aluminum cans, glass containers and metal closures for the beverage industry and steel cans for the food and chemical industries, serving customers in approximately 95 countries worldwide. It is privately-owned by Peter Giorgi via the holding company Giorgi Global Holdings Inc. HQ: Cracow, Poland.

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