Related Issuers
by Stephen Carter
Apr 12, 2021 6:19 AM ET
PCF GmbH (Pfleiderer) EUR750m 144A/Reg S sustainability-linked sr sec fixed/floating rate notes 2-part. Expect B2/B/BB- (S/S/S). Via GS (B&D)/CS jt glocos and jt physical books/BofA/DB/JPM jt sr books/Commerz jt books. No reg rights. List ISE. NY Law.
- expect EUR450m due 2026 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103.00. Interest steps up 25bp if the SPT is not met.
- expect EUR300m due 2026 (5y). NC1 (MWC B+50bp), then at 101, 100. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103.00. Floats/pays quarterly 3mE (0% floor).
Roadshow Mon-Weds (investor call at 11am UKT today). UOP: along with EUR41m cash on hand, to repay EUR445m term loan, and fund EURR331m distribution to shareholders. Equity sponsor: Strategic Value Partners. Biz: a manufacturer of premium engineered wood products and laminates for high-end applications primarily in the Western European kitchen and furniture end markets. HQ: Neumarkt in der Oberpfalz.