KAEFER- New Issue Comment
Kaefer, the German provider of industrial services, is marketing €250m of 5.5NC2 senior secured fixed-rate notes. The proceeds will be used to repay existing financial debt. Pro forma of the transaction, reported net leverage would stand at 2.0x as of 31 March 2018.
Kaefer’s main market, named IASP (for insulation, access, surface and passive protection), accounted for about 71% of the revenues. This market includes services such as the installation of thermal/acoustic insulations, scaffolding/elevated platfforms or coating materials to protect facilities against the corrosion. Kaefer assists its clients through the various stages in the lifecycle of the asset.
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