France’s Rubis Terminal to price €410 million five-year secured notes during May 11 week

By Paul A. Harris

Portland, Ore., May 11 – Rubis Terminal Infra expects to price €410 million of five-year senior secured notes (expected B1/confirmed B+) during the May 11 week, according to market sources.

The Rule 144A and Regulation S notes were launched on a Monday global conference call with investors. One-on-one investor calls are expected to take place through Thursday.

Joint global coordinator and sole physical bookrunner JPMorgan will bill and deliver. Credit Agricole CIB is also a joint global coordinator. SG CIB is the joint bookrunner.

The notes become callable after two years at par plus 50% of the coupon.

The Paris-based storage and distribution company plans to use the proceeds, together with cash on hand, to pay off debt incurred in connection with the acquisition of a 45% stake in Rubis Terminal by I Squared Capital Advisors (US) LLC, and the concurrent refinancing of Rubis’ debt.

Rubis specializes in the storage, distribution and sale of petroleum, liquefied petroleum gas, food and chemical products.

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