PAPREC- NEW ISSUE COMMENT
Paprec, a waste management company with a leading position in the French recycling market, is marketing €800m of 7NC3 senior secured fixed- and 7NC1 floating-rate notes.
Proceeds will be used to refinance its existing €705m of senior secured and senior unsecured notes, fund €60m of acquisition, and for fees related to the refinancing. Pro forma of the transaction net leverage is reported at 4.4x. Excluding expected synergies and including operating leases, factoring and pensions we calculate a net adjusted leverage of 5.2x.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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