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by Stephen Carter
Mar 04, 2026 9:59 AM ET
+++Updates with Moody's rating+++
Details: Cyprium Corp / Cyprium Holdings Luxembourg Sarl (Versigent) $1.5bn 144A/Reg S sr notes 2-part. Ba2/BB-/BB+ (stable/stable/stable). Via BofA/Citi/JPM/DB/GS jt books, BNP, PNC, SocGen, USB, Santander, Scotia, StanChart, UniCredit as co-managers. No reg rights.
- $ TBD ($650m minimum) due 2031 (5y). NC2 Equity claw: 2y 40%. CoC at 101. Denoms: 2kx1k. IPT: low-mid 6s.
- $ TBD ($650m minimum) due 2034 (8y). NC3 Equity claw: 3y 40%. CoC at 101. Denoms: 2kx1k. IPT: +25bp vs 5y tranche.
Roadshow 03/04-05 (investor call at 11am 03/04). UOP: along with a $500m sr sec term loan ($500m sr sec revolver), to fund a cash dividend to Aptiv PLC (APTV) as part of the spinoff, and $300m cash on the B/S for GCP. Biz: sub of Versigent Limited, the recently formed holding company for Aptiv's Electrical Distribution Systems biz that Aptiv is spinning off to shareholders. The proceeds will be placed in escrow pending completion of the spin off. The spin off is expected to be completed on 04/01/26. Biz: Versigent is a global leader in the design, development and manufacture of automotive low voltage (LV) and high voltage (HV) electrical architecture, primarily for OEMs that manufacture increasingly software-defined, electrified and feature-rich vehicles. HQ: Schaffhausen, Switzerland.