by Stephen Carter
Jun 21, 2022 10:11 AM ET
LSF XI Magpie Bidco BV (Manuchar) (MANUCH) EUR350m 144A/Reg S sr sec notes due 2027 (5y). NC2 (50%,25%,par). B3/B (stable/stable). Via CS sole. List ISE. NY law.
Px talk: 7.25% coupon at 86.00-87.50 OID, yield 10.50%-11.00%.
Roadshow (small group meetings) Mon-Tues (investor call 9am UKT Mon). Books close at 10:30am UKT tomorrow. Pricing tomorrow UK afternoon. UOP: fund the LBO of Manuchar by Lone Star from Ackermans & van Haaren and the Maas family for approximately US$809m (management will retain its 20% ownership), repay debt, cash on the B/S. Lone Star and management will contribute $495m in common equity. Biz: leading distributor of dry-bulk chemicals. HQ: Antwerp, Belgium. (Acquisition announced 01/14/2022).