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by Stephen Carter
Nov 04, 2025 8:07 AM ET
FR Bondco (Picard) (PICSUR) EUR280m 144A/Reg S sr notes due 2032 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Caa1/CCC+/CCC+ (stable/stable/stable). Via BNP/HSBC (B&D) jt glocos and physical books/GS jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k.
IPT: low 7s.
Roadshow (virtual) 11/03-04 (investor call at 10:30am 11/03). Pricing 11/05. UOP: along with cash on hand, to fund the tender offer for Picard Bondco's EUR310m 5.375% (currently paying 5.50%) sustainability-linked sr notes due 07/01/27 held pursuant to Reg S (144A notes are not eligible) (purchase price of 100.200). Notes not tendered will be called on 01/01/26 at par, or at the current call price of 101.344, or at the tender offer price if 90% or more of the notes are purchased in the tender offer. Dealer managers: BNP/HSBC). Equity sponsors: the Zouari family (50.2%) and ICG (through IGZ) (49.7%). Biz: FR Bondco is an indirect shareholder of Picard Bondco, a leading retailer of frozen food products in France. HQ: Issy-les-Moulineaux, France.
Investor call registration: https://evercall.co/oacc/19610.
DealRoadshow link: https://dealroadshow.com/e/PICARD25GIC.