Related Parents
Related Issuers
by Stephen Carter
Jun 26, 2024 8:48 AM ET
Picard (PICSUR) EUR1.225bn 144A/Reg S 2-part. Via GS (B&D)/MS/ jt glocos/CA/DB/HSBC jt books. No reg rights. List ISE. NY law.
- Picard Group SAS EUR650m (from EUR500m minimum) sr sec notes due 2029 (5y). NC2 (MWC) (50%,25%,par). Equity claw: 2y 40%. B2/B/BB- (stable/stable/stable). IPT: high 6s. Price talk: 6.50% area.
- Lion/Polaris Lux 4 SA EUR575m (up from EUR500m minimum) sr sec FRN due 2029 (5y). NC1 (MWC) (101, par). B2/B/BB- (stable/stable/stable). IPT: E+low 400bps. Price talk: E+375bp area (+/-- 12.5bp).
Roadshow (small virtual meetings) 06/24-26 (investor call at 11am UKT 06/24). Books cose at 3pm UKT 06/26. Pricing 06/26 UK afternoon. UOP: along with EUR209m cash on hand, to redeem its EUR650m S-L sr sec FRN due 07/01/26 (callable at 100), fund tender offer for its EUR750m 3.875% (currently 4.00%) S-L sr sec notes due 07/01/26. Equity sponsors: Lion Capital (51.8%); and The Zouari Group (IGZ) (45.4%). Biz: Leading retailer of frozen food products in France. HQ: Issy-les-Moulineaux, France.
Netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=21d35409. Entry code: Picard2024.