Related Issuers
by Stephen Carter
May 01, 2025 5:58 AM ET
Toucan FinCo Limited/Toucan FinCo Can Inc/Toucan FinCo US LLC (IPL) (TOUCAN) $1.275bn equivalent (EUR/US$) 144A/Reg S sr sec notes. B3/-- (stable/--). Via BofA (USD B&D)/HSBC (EUR B&D) jt glocos, + other jt bookrunners. No reg rights. List ISE. Cash interest pays Nov 15 and May 15, starting 11/15/25. SMR at par if the acquisition does not close by 11/15/25.
- $975m sr sec notes due 2030 (5y). NC2 (MWC T+50bp) (par + 50%). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: low-to-mid 9s. Price talk: 9.25%-9.50%.
- EUR ($300m EUR-equivalent) sr sec notes due 2030 (5y). NC2 (MWC B+50bp) (par + 50%). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: low-to-mid 8s. Official IPT: 8.25%-8.50%. Price talk 8.25%-8.50%.
The PIK pay on the first interest payment has been dropped. It is now entirely cash pay. Roadshow 04/29-05/01 (investor call at 3pm NYT / 8pm UKT 04/29). Books close at 11:30am NYT / 4:30pm UKT 05/01. Pricing 05/01 NY afternoon. UOP: along with cash on hand, to refinance $992m of existing debt of IPL ($810m 6.00% sr sec notes due 2028 at 100) and SA ($137m term loan, $9m revolver and $23m other debt), and to fund a $200m equalization payment to the IPL Shareholders, in connection with the merger with Schoeller Allibert. IPL shareholders will hold 55% (MDP/CDPQ) and SA shareholders (BAM) will hold 45% of the new combined company. Equity sponsors: Madison Dearborn Prtnrs/CDPQ/Brookfield Asset Management. Closing expected in Q2/Q3 2025. Biz: The new combined entity is a leading manufacturer of sustainable rigid plastic packaging with established positions in North America and Europe, established by merging the businesses of the IPL Group and Schoeller Allibert. HQ: Dublin, Ireland. (Merger announced 04/29/25).
Netroadshow link: https://www.netroadshow.com/nrs/home/#!/?show=b2107533 (Entry code: IPLP25).