Perstorp sells more secured debt than planned in HY debut

Perstorp, the Swedish speciality chemicals maker controlled by PAI Partners, has sold around $1.08bn of bonds in three tranches. The high yield bonds were divided between $380m and €270m of senior secured notes and $370m of second lien notes.

  • 12 Nov 2012

However, the August 2017 second lien piece was sold at 96.496 to yield 12%, which left the company with $357.0352m of proceeds. Price talk was in the 10.75%-11% area.

Both May 2017 secured tranches came in line with guidance at par. The dollar piece had a coupon of 8.75%, ...

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