LONDON, Jan 12 (IFR) - Crown Holdings is looking to issue senior unsecured high-yield bonds to back its acquisition of peer Signode Industrial Group Holdings.
The company is looking to issue 335m of five-year, 600m of eight-year and US$750m of eight-year notes, according to a banker on the deal. Citigroup is leading the trade and other banks are involved.
The bonds are being issued as part of a broader financing package including a US$2.1bn dual-currency term loan.
The covenant-lite deal includes a US$1.25bn term loan and a 750m term loan. Both will mature in seven years and include six months of soft-call protection.
Guidance on the dollar-denominated tranche opened at 225bp over Libor with a 0% floor. The euros are being circulated at 275bp over Euribor with a 0% floor. The discount is being guided at 99.75 (see separate story in Loans section).
(This story will appear in the January 13 issue of IFR Magazine)
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