By Paul A. Harris
Portland, Ore., Dec. 12 - Eletson Holdings Inc. priced an upsized $300 million of 9 5/8% eight-year senior secured first-priority ship mortgage notes (B3/B/) at 98.617 to yield 9 7/8% on Thursday, according to a syndicate source.
The yield printed in the middle of the 9¾% to 10% yield talk.
The reoffer price came at the cheap end of price talk that specified 1 to 1.5 points of OID.
Jefferies LLC and DNB Markets were the joint bookrunners for the deal that was upsized from $290 million.
Proceeds will be used to refinance debt and for general corporate purposes, including the acquisition of future vessels.
The issuer is a Piraeus, Greece-based diversified industrial maritime transporter of refined oil products and liquefied petroleum gas.
| Issuer: | Eletson Holdings Inc.
|
| Face amount: | $300 million, upsized from $290 million
|
| Proceeds: | $296 million
|
| Maturity: | Jan. 15, 2022
|
| Securities: | Senior secured first-priority ship mortgage notes
|
| Bookrunners: | Jefferies LLC, DNB Markets Inc.
|
| Co-managers: | Clarkson Capital Markets, Brock Capital
|
| Coupon: | 9 5/8%
|
| Price: | 98.617
|
| Yield: | 9 7/8%
|
| First call: | Jan. 15, 2018 at 104.813
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9¾% to 10% with 1 to 1.5 points OID
|
| Marketing: | Roadshow
|
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