LBC Tank tightens talk on $350 million notes due 2023 to 6 7/8%; pricing expected Wednesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 8 - LBC Tank Terminals Holding Netherlands BV tightened talk on its planned $350 million offering of senior notes due 2023 (B3/B) to 6 7/8%, according to a market source.

Yield talk was tightened from 7% to 7¼%, and books are set to close early Wednesday.

RBC Capital Markets LLC is the left bookrunner.

BNP Paribas Securities Corp., Credit Agricole CIB, DNB Nor and ING Financial Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes will be non-callable for five years and feature a three-year 35% equity clawback and a 101% poison put.

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

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

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