Trivium Packaging Finance BV (TRIVIU) approx US$1.96bn equivalent (EUR/US$) 144A/Reg S notes 3-part. No reg rights. List ISE. NY law. Settles 05/28 (T+4).
- EUR700m (up from EUR500m minimum) sr sec 1st lien notes due 07/15/30 (5y). NC2 (07/15/27) (MWC B+50bp), then at 103.3`3, 101.656, 100. Equity claw: 2y 40% at 106.625. Special call: 10% per year the first 2 years at 103. B2/B (stable/stable). Via Barc (B&D)/JPM jt physical books/Citi/Rabo/BMO/BNP/GS/Key jt passive books. CoC at 101. Reg S ISIN: 308073572. IPT 7.25% area Price talk: 7.00% area. Final price talk: 6.75% area (+/-12.5bp) WPIR. Priced: 6.625% at 100. +444bp vs DBR 0% 08/15/30.
- USD600m (down from US$700m) sr sec 1st lien notes due 07/15/30 (5y). NC2 (07/15/27) (MWC T+50bp), then at 104.125, 102.063, 100. Equity claw: 2y 40% at 108.25. Special call: 10% per year the first 2 years at 103. B2/B (stable/stable). Via JPM (B&D) sole physical books/Barc/Citi/Rabo/BMO/BNP/GS/Key jt passive books. CoC at 101. 144A CUSIP: 889686QAD8. IPT 8.75%-9.00%. Price talk: 8.50%-8.75%. Final price talk: 8.25%. Priced: 8.25% at 100. +414bp vs 3.875% 04/30/30.
- US$600m (down from US$700m) sr sec 2nd lien notes due 01/15/31 (5.5y). NC2 (07/15/27) (MWC T+50bp), then at 106.125, 103.063, 100. Equity claw: 2y 40% at 112.25. Special call: 10% per year the first 2 years at 103. Caa2/CCC+ (stable/stable). Via JPM (B&D) sole physical books/Barc/Citi/Rabo/BMO/BNP/GS/Key jt passive books. CoC at 101. 144A CUSIP: 89686QAC0. IPT 12.25%-12.50%. Price talk: 12.25%-12.50%. Final price talk: 12.25%. Priced: 12.25% at 100. +814bp vs 3.875% 04/30/30.
Roadshow 05/19-21 (investor call 11am NYT, 4pm UKT 05/19). Books closed: EUR 3:30pm (from 12pm) UKT, US$ 10:30am (from 10am) NYT 05/21. (Originally pricing 05/22). Total debt financing size is approx US$2.925bn. UOP: along with EUR900m (up from minimum EUR500m) sr sec term loan B, to refinance its existing sr sec notes and sr notes (EUR625m 3.75% sr sec notes due 08/15/26 (callable at 100), USD1.05bn 5.50% sr sec notes due 08/15/26 (callable at 100), EUR355m sr sec FRN due 08/15/26 (callable at 100) and USD700m 8.50% sr notes due 08/15/27 (callable at 100), and $50m GCP. The EUR500m term loan B launched 05/12 (lender call 05/12, commitments due 05/21) via JPM/Barc jt glocos/Citi/Rabo jt physical books/BMO/BNPGS/Key jt books. Ownership: OTPP (58%) and Ardagh Packaging (42%). Biz: supplier of value added and rigid metal packaging. Trivium was formed in 2019 via the merger of Ardgh's Food & Specialty metal paging business and Exal Corp. HQ: Schiphol, Netherlands.
Deal Roadshow direct link: https://dealroadshow.com/e/TULIP2025 (entry code: TULIP2025) available 10 minutes prior.