WE Soda mandates banks ahead of expected $500 million offering of seven-year secured notes

By Paul A. Harris

Portland, Ore., Feb. 5 – WE Soda mandated a syndicate of banks to hold investor calls ahead of an expected $500 million minimum offering of seven-year senior secured notes (expected ratings BB-/BB-) beginning Monday, according to a market source.

The Rule 144A and Regulation S notes have three years of call protection.

The deal is subject to market conditions.

BNP Paribas, Goldman Sachs International and JPMorgan are joint global coordinators and joint bookrunners. Bank of China, Deutsche Bank, Emirates NBD Capital, MUFG and PNC Bank are also joint bookrunners.

The London-based soda ash producer plans to use the proceeds to refinance debt. The company’s parent is based in Turkey.

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