By Paul A. Harris
Portland, Ore., Nov. 8 – Parkland Fuel Corp. priced an upsized C$300 million issue of long eight-year senior notes (BB//DBRS: BB) at par to yield 6½% on Thursday, according to market sources.
The issue size was increased from C$250 million.
The deal priced at price talk, a source said.
NBF and CIBC World Markets were the bookrunners.
The notes, which mature on Jan. 21, 2027, come with 3.2 years of call protection.
The Calgary, Alta., marketer of fuel and petroleum products plans to use the proceeds to repay bank debt.
| Issuer: | Parkland Fuel Corp.
|
| Amount: | C$300 million, increased from C$250 million
|
| Maturity: | Jan. 21, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | NBF, CIBC World Markets
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 398.6 bps
|
| Call protection: | 3.2 years
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 21
|
| Ratings: | S&P: BB
|
| DBRS: BB
|
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