FEDRIGONI- New Issue Comment
Fedrigoni, Italy’s self-adhesive and specialty paper manufacturer, is launching €455m of 6.5NC1 senior secured FRNs to repay, alongside cash on hand, the bridge facilities that were set up for the leveraged buyout by Bain Capital. The US fund completed in April the purchase of a 90% stake from the founding family injecting in addition €195m of equity. The operation, which values the group at €655m (EV), or 5.5x EBITDA, logically releverages the company to 3.7x from 0.9x pre-deal.
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