10/19/2021 SCIL IV LLC/SCIL USA Holdings (Polynt)
(PLYIM) approx EUR1.3bn equivalent (US$/EUR) 144A/Reg S sr sec fixed/floating rate 3-part. B1/BB- (stable/stable). Via JPM (B&D) sole physical books/Apollo jt glocos/GS/IMI jt books. No reg rights. List ISE. NY law. Settles 10/21 (T+9).
- USD760m (up from USD750m) (EUR658m up from EUR650m equivalent) due 11/01/26 (5y). NC2 (MWC T+50bp), then at 102.688, 101.344, 100. Equity claw: 2y 40% at 105.375. Special call: 10% per year the first 2 years at 103. 144A CUSIP: 78397UAA8. IPT: mid-high 5s. Px talk: 5.50%-5.75%. Final size/px: USD760m at 5.375%. Priced: 5.375% at 100. +423bp vs 0.875% 09/30/26.
- EUR325m (from EUR300m minimum) fixed rate notes due 11/01/26 (5y). NC2 (MWC B+50bp), then at 102.188, 101.094, 100. Equity claw: 2y 40% at 104.375. Special call: 10% per year the first 2 years at 103. Reg S ISIN: XS2401849315. IPT: high 4s. Px talk: 4.50%-4.75%. Final size/px: EUR325m at 4.375%. Priced: 4.375% at 100. +483bp vs 0% OBL 10/09/26.
- EUR325m (from EUR300m minimum) FRN due 11/01/26 (5y). NC1 (MWC B+50bp), then at 101, 100. Floats/pays qrtly. Reg S ISIN: XS2401851485. IPT: high 4s. Px talk: E+450-475bp (0% floor) at par. Final size/px: EUR325m at E+437.5bp (0% floor) at par. Priced: 3mE+437.5bp (0% floor) at 100.
Did global investor call at 3:30pm UKT/10:30am NYT 10/12. 1x1s virtual meeting thru Fri, 10/15. US$ books closed at 5pm yesterday. EUR books close at 11am UKT today. Reconfirms were due US$ at 10:30am today, EUR 3:30pmm UKT today. UOP: along with EUR415m cash from Polynt's B/S and a EUR85m equity contribution, to fund the acquisition by Black Diamond of the 46% stake in Polynt that it does not currently own from Investindustrial for EUR1.09bn, repay Polynt existing debt (EUR51m US$ term loan B, EUR492m EUR term loan B, EUR20m revolver, and EUR15m bilateral facilities). Equity sponsor: Black Diamond will be the controlling shareholder owning all the shares except for a small minority interest of 13-16%. Biz: Leading composites and coatings technology producer with unique positioning from vertical integration, broad product suite, geographic breadth, and technical knowledge. HQ: Scanzorosciate, Italy. (Acquisition was announced July 02, 2021).