Gibson Energy plans roadshow for $750 million two-part notes offer

By Paul A. Harris

Portland, Ore., June 14 - Gibson Energy Inc. plans to start a roadshow on Monday for its $750 million equivalent two-part offering of senior notes, according to a syndicate source.

Global coordinator and lead bookrunner RBC Capital Markets will bill and deliver. J.P. Morgan Securities LLC is also a global coordinator and lead bookrunner.

The deal is coming in the form of a dollar-denominated tranche of eight-year notes for which BMO Capital Markets Corp., CIBC World Markets, Citigroup Global Markets, Credit Suisse Securities (USA) LLC and Nomura are the joint bookrunners.

In addition, Gibson Energy plans to sell Canadian dollar-denominated seven-year notes for which BMO, CIBC, Citigroup and Credit Suisse are the joint bookrunners.

Tranche sizes remain to be determined.

Scotia Capital, NBF and TD Securities are the co-managers for both tranches.

The notes in both tranches will be formatted as Rule 144A and Regulation S for life. Both will become callable in three years at par plus 75% of the coupon and feature three-year 35% equity clawbacks and 101% poison puts.

The Calgary, Alta.-based independent midstream operator plans to use the proceeds to repay its term loan B and for general corporate purposes.

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