Wepa sweeps HY market with €550m refinancing
German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.
The company is wooing the market with two euro tranches — an eight year fixed rate one and a seven year floating-rate clip. The fixed rate notes will have a non-call period of three years and the floating rate notes of one year.
HSBC is the ...