By Paul A. Harris and Aleesia Forni
Virginia Beach, Va., May 8 - LBC Tank Terminals Holding Netherlands BV priced a $350 million issue of 6 7/8% 10-year senior notes (B3/B/) at par, according to a market source.
The deal priced on top of talk, which had tightened from 7% to 7¼%.
RBC Capital Markets LLC was the left bookrunner.
BNP Paribas Securities Corp., Credit Agricole CIB, DNB Nor and ING Financial Markets LLC were the joint bookrunners.
The Rule 144A and Regulation S for life notes will be non-callable for five years with a make-whole call at Treasuries plus 50 bps.
The notes feature a 35% equity clawback at 106.875 until May 15, 2016 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.
| Issuer: | LBC Tank Terminals Holding Netherlands BV
|
| Amount: | $350 million
|
| Maturity: | May 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | RBC Capital Markets LLC
|
| Joint bookrunners: | BNP Paribas Securities Corp., Credit Agricole CIB, DNB Nor, ING Financial Markets LLC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 508 bps
|
| Call protection: | Non-callable until May 15, 2018
|
| Make-whole call: | Treasuries plus 50 bps
|
| Equity clawback: | 35% at 106.875 until May 15, 2016
|
| Trade date: | May 8
|
| Settlement date: | May 14
|
| Existing ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A, Regulation S for life
|
| Price talk: | 6 7/8%, revised from 7% to 7¼%
|
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