By Paul A. Harris
Portland, Ore., Nov. 4 Lindorff Group priced a combined 250 million of notes (B2/BB-/) in add-ons to two tranches of securities on Tuesday, according to a market source.
The Oslo-based financial information and services company priced a 150 million add-on to its 7% senior secured notes due Aug. 15, 2021 at 100.75 to yield 6.925%. The reoffer price came at the rich end of the 100.5 to 100.75 price talk. The tranche size came at the low end of the 150 million to 175 million proposed range.
Lindorff also priced a 100 million add-on to its Euribor plus 550 basis points floating-rate secured notes due Aug. 15, 2020 at 98.75.
The reoffer price came at the rich end of the 98.5 to 98.75 price talk. The tranche size came at the high end of the 75 million to 100 million proposed range.
Goldman Sachs International was the global coordinator and physical bookrunner. Deutsche Bank and Nordea were the joint bookrunners.
| Issuer: | Lock AS (Lindorff Group)
|
| Amount: | 250 million
|
| Physical bookrunner: | Goldman Sachs International (bill and deliver)
|
| Joint bookrunners: | Deutsche Bank, Nordea
|
| Trade date: | Nov. 4
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
|
|
| Fixed-rate notes
|
| Face amount: | 150 million
|
| Proceeds: | 151 million
|
| Maturity: | Aug. 15, 2021
|
| Security description: | Add-on to 7% senior secured notes due Aug. 15, 2021
|
| Coupon: | 7%
|
| Price: | 100.75
|
| Yield: | 6.925%
|
| Spread: | 658.6
|
| First call: | Aug. 15, 2017 at 103.5
|
| Price talk: | 100.5 to 100.75
|
|
|
| Floating-rate notes
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| Face amount: | 100 million
|
| Proceeds: | 99 million
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| Maturity: | Aug. 15, 2020
|
| Security description: | Add-on to Libor plus 550 bps senior secured floating-rate notes due Aug. 15, 2020
|
| Coupon: | Euribor plus 550 bps
|
| Price: | 98.75
|
| First call: | Aug. 15, 2015 at 101
|
| Price talk: | 98.5 to 98.75
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