By Rebecca Melvin
New York, Feb. 9 – Guara Norte Sarl, which is mostly owned by SBM Offshore NV, priced $850 million 5.198% non-recourse senior secured notes (Ba1//BB+), which are fully amortizing over their 13.5-year tenor, according to an announcement by SBM.
SBM Offshore owns 75% of the equity in Guara Norte, and Mitsubishi Corp. owns the remaining 25%.
The Rule 144A and Regulation S notes priced at 99.995.
The proceeds will be used to repay existing bank debt, unwind the existing hedge arrangements and pay for transaction related expenses. The remaining cash will be distributed to Guara Norte’s shareholders.
The notes are expected to be listed for trade on the Singapore Exchange.
The Amsterdam-based holding company is focused on floating production systems for the offshore energy industry.
| Issuer: | Guara Norte Sarl (75% owned by SMB Offshore NV)
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| Issue: | Senior secured notes
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| Amount: | $850 million
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| Maturity: | 13.5 years
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| Coupon: | 5.198%
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| Price: | 99.995
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| Announcement date: | Feb. 9
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| Settlement date: | Feb. 11
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| Ratings: | Moody’s: Ba1
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S
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