LBC Tank Terminals talks $350 million 10-year notes to yield 7%-7¼%; pricing Wednesday

By Paul A. Harris

Portland, Ore., May 7 - LBC Tank Terminals Holding Netherlands BV talked its $350 million offering of 10-year senior notes (B3/B) to yield 7% to 7¼%, a syndicate source said on Tuesday.

Books close at 5 p.m. ET on Tuesday, and the deal is set to price on Wednesday morning.

RBC Capital Markets is the left bookrunner. BNP Paribas, Credit Agricole CIB, DNB Nor and ING are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with five years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds, together with proceeds from a new term loan, will be used to repay the entire amount outstanding under the company's existing credit facilities.

Mechelen, Belgium-based LBC Tank Terminals is one of the largest independent operators of bulk liquid storage terminals and the second largest independent chemical storage company in terms of global storage capacity.

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