Lindorff sets talk in €1.45 billion equivalent five-part notes offer

By Paul A. Harris

Portland, Ore., Aug. 1 – Norway’s Lindorff Group set price talk for its €1.45 billion equivalent five-part offering of high-yield notes on Friday, according to a market source.

The deal includes three secured tranches of notes (B2/BB-) being issued by Lock AS.

A €550 million tranche of seven-year senior secured fixed-rate notes, non-callable for three years, is talked to yield in the 7% area.

A NOK 1.68 billion tranche of six-year senior secured floating-rate notes, non-callable for three years, is talked in the Nibor plus 575 basis points area.

And a €250 million tranche of six-year senior secured floating-rate notes, non-callable for one year, is talked with a 550 bps area spread to Euribor at 99.

There are also tranches of unsecured notes (Caa1/B-) being issued by Lock Lower Holding AS.

A €250 million tranche of eight-year fixed-rate notes, non-callable for four years, is talked to yield 9% to 9¼%.

And a SEK 1.85 billion tranche of eight-year unsecured floating-rate notes, non-callable for four years, is talked at Stibor plus 825 bps to 850 bps.

Books were scheduled to close late in the London afternoon on Friday.

Goldman Sachs International is the global coordinator and physical bookrunner. Nordea is physical bookrunner on krone-denominated notes and a joint bookrunner. Deutsche Bank is a joint bookrunner.

Proceeds will be used to fund the acquisition of the Oslo-based provider of financial information and services by Nordic Capital Fund VIII.

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