Monier announces €250M offering of secured bonds

Monier, a global leader in clay and concrete tiles for roofing, has announced plans to issue a €250 million offering of seven-year (non-call three) secured bonds via J.P. Morgan (B&D) and Deutsche Bank as global coordinators and BNP Paribas, Morgan Stanley, and UniCredit as joint bookrunners.

A European roadshow is scheduled for April 30 through May 3, with pricing thereafter.

Proceeds will be used to refinance bank debt. Ratings have yet to be confirmed.

As reported earlier this week, Monier received strong support for its amend-to-extend, with lenders holding more than 95% of the senior facilities approving the request.

The company currently has €680 million of debt outstanding under its reinstated senior debt facility due April 2015. This existing debt pays a margin of 25 bps cash and 2% PIK. The margin on the extended debt will rise to E+450, all cash-pay. Monier has also raised a new €150 million, super-senior revolver from a group of banks.

The A-to-E also included a provision to issue a secured bond in order to prepay amounts under the senior debt facilities, that will be weighted to the extended debt. The debt extension request is subject to this prepayment taking place.

Monier generated revenues of €1.392 billion in 2011, to give EBIT of €25.2 million, against revenues of €1.28 billion in 2010 and EBIT of negative €39.1 million. The company has €233.2 million of cash on its balance sheet.

Source Leveregedloan