| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
HYC | MTRL | PRCD | SAPSJ | Sappi Papier Holding GmbH | €300 | 1 | EMEA | Mar 5, 2025 |
EM/HY: Sappi Papier Holding GmbH (SAPSJ), a wholly-owned subsidiary of Sappi Ltd, EUR300m 144A/Reg S sustainability-linked sr notes due 03/15/32 (7y). NC3 (03/15/28) (MWC B+50bp), then at 102.25, 101.125, 100. Equity claw: 3y 40% at 104.50. Ba2/BB/BB+ (stable/stable/stable), gtd by Sappi Ltd. Via Citi (B&D)/CA/ING/MUFG jt glocos and physical books/Erste/JPM/KBC/RBI/UniCredit jt books. MUFG is SLB structuring coordinator. No reg rights. List Lux. NY law. CoC at 101. Settles 03/19 (T+10). Reg S ISIN: XS3017017990. IPT: 4.75% area. Price talk: 4.50%-4.625%. Final terms: EUR300m at 4.50%.
Priced: 4.50% at 100. +203bp vs DBR 0% 02/15/32.
Roadshow 03/03-05 (1x1s available on request) (investor call at 10:30am UKT 03/03). Books closed at 10:30am UKT 03/05. UOP: Refinance its EUR240.395m 3.125% sr notes due 04/15/26 (callable at 100) and $54m for GCP. Biz: the Sappi Group is a global diversified woodfibre company with operations in North America, Europe and South Africa HQ: Johannesburg, South Africa.
Measurement period: Measurement period of Sustainability Performance Target 1 “SPT 1”: fiscal year ending 30 September 2028; Measurement period of Sustainability Performance Target 2 “SPT 2”: fiscal year ending 30 September 2027.
KPIs: KPI 1: Decrease specific GHG (Scope 1+2) emissions; KPI 2: Sourcing of certified fibre.
Sustainability Performance Targets: SPT 1 (2028): Reduce the ratio of absolute Scope 1 and Scope 2 GHG emissions to metric air dried tons of saleable product (“tCO2e/adt”) of the Group by at least 35.6% for the fiscal year ending September 30, 2028 (compared to a baseline of 0.908 tCO2e/adt for the fiscal year ended September 29, 2019); SPT 2 (2027): Maintain the proportion of certified fibre supplied to our mills to above 75% for the fiscal year ending September 30, 2027 (compared to a baseline of 75% in the fiscal year ended September 29, 2019)
First higher coupon payment date: If SPT 1 not achieved: 15 March 2029; If SPT 2 not achieved: 15 March 2028; SPT Step-up 10 bps p.a. per missed KPI.
Netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=ca590ea4 (entry code: Eucalyptus2025).
Note: although this deal is being marketed to both EM and HY investors, with the ultimate parent based in South Africa this will count as EM for volume purposes.