Selecta - New Issue Comment
TRANSACTION OVERVIEW
Selecta, Europe’s No. 1 vending machine operator, is back on the primary market with an offering of €1.3bn of equivalent EUR, SEK, CHF senior secured notes due 2024. It consists of four bonds, with fixed-rate and FRN EUR notes, fixed-rate CHF notes and FRN SEK notes. The proceeds will be used to (i) refinance Selecta’s existing in-debtedness (€564m of bonds, €375m of term loan and €50m of RCF), (ii) refinance acquired business Argenta’s existing €201m senior facilities agreement and repay the €23m shareholder loan owed to its majority equity holder, (iii) repay €36m of Selecta’s PIK notes to fund the exit of a minority shareholder, and (iv) place €16m of cash on the balance sheet. The bonds have been rated B by S&P and B3 by Moody’s.
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