Lion/Polaris Lux 4 SA (Picard) (PICSUR) EUR200m 144A/Reg S add-on to its sr sec FRN due 07/01/29 (4.75y). NC0.75 (07/01/25) (MWC B+50bp), then at 101, 100. B2/B/B+ (stable/negative/stable). Via BNP (B&D)/HSBC jt glocos and books. No reg rights. List ISE. NY law. CoC at 101. Settles 11/06 (T+11). Original Reg S ISIN: XS2852970529. Immediately 144A fungible (Reg S after 40 days) with the original EUR575m deal priced 06/26/2024. Floats 3mE+362.5bp. IPT: low 99s. Price talk: 99.50 area (+/- 25bp).
Priced: 3mE+362.5bp add-on at 99.75 w/AI.
Roadshow (1-on-1s) 10/21-22 (investor call at 9:30am 10/21). Books closed at 3pm UKT 10/22. (Originally pricing 10/23). UOP: along with new equity, a share holder loan from Intermediate Capital Group (ICG), and a EUR120m vendor loan from Lion Capital, to finance the purchase of Lion Capital's 51.8% indirect interests in the Picard Group by Imanes (Zouari Group investment vehicle) and ICG. Equity sponsors: the Zouari family (50.4%) and ICG (through IGZ) (49.6%). Biz: Leading retailer of frozen food products in France. HQ: Issy-les-Moulineaux, France. Fitch has placed the existing sr sec FRN BB- rating on Rating Watch Negative and will downgrade to B+ following completion of the deal.
Investor call registration: https://evercall.co/oacc/87152
Deal Roadshow: https://dealroadshow.com/e/SNOW24. Entry code: SNOW24.