By Paul A. Harris
Portland, Ore., Sept. 4 Oslo-based financial information services provider Lindorff Group AB priced an upsized 230 million two-part secured add-on deal (B2/BB-) on Friday, according to a market source.
An upsized 200 million add-on to the Euribor plus 550 basis points floating-rate secured notes due Aug. 15, 2020 priced at 99.5, on top of price talk. The size was increased from 150 million.
In a tranche added subsequent to Thursday's deal announcement, Lindorff priced a 30 million add-on to its 7% senior secured notes due Aug. 15, 2021 at 106 to yield 5.79%. The reoffer price came on top of price talk.
The overall size of the transaction increased from 150 million.
Joint bookrunner Goldman Sachs International will bill and deliver. Deutsche Bank and Nordea Markets were also joint bookrunners.
The issuing entity is Lock AS.
Proceeds will be used to repay bank debt.
| Issuer: | Lock AS (Lindorff Group AB)
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| Amount: | 230 million, increased from 150 million
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| Bookrunners: | Goldman Sachs International (bill and deliver), Deutsche Bank, Nordea Markets
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| Pricing date: | Sept. 4
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| Settlement date: | Sept. 20
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| Ratings: | Moody's: B2
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| Standard & Poor's: BB-
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| Floating-rate tranche
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| Amount: | 200 million, increased from 150 million
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| Maturity: | Aug. 15, 2020
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| Security description: | Add-on to three-month Euribor plus 550 bps senior secured notes due Aug. 15, 2020
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| Coupon: | Three-month Euribor plus 550 bps
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| Price: | 99.5
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| Call: | Presently callable at 101
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| Price talk: | 99.5
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| Original issue: | 252.5 million priced at 99 on Aug. 4, 2014
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| Previous add-on: | 100 million add-on priced at 98.75 on Nov. 4, 2014
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| Total issue size: | 552.5 million
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| Fixed-rate tranche (added subsequent to deal announcement)
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| Amount: | 30 million
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| Maturity: | Aug. 15, 2021
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| Security description: | Add-on to 7% senior secured notes due Aug. 15, 2021
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| Coupon: | 7%
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| Price: | 106
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| Yield: | 5.79%
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| Spread: | 561 bps
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| First call: | Aug. 15, 2017 at 103.5
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| Price talk: | 106
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| Original issue: | 550 million priced at par on Aug. 4, 2014
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| Previous add-on: | 150 million priced at 100.75 to yield 6.925% on Nov. 4, 2014
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| Total issue size: | 730 million
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