Stork delays €315 million notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., July 18 - Stork Technical Services Holdco BV, based in the Netherlands, postponed its €315 million offering of seven-year senior secured notes (confirmed B3/ expected B-) on Wednesday, according to a press release from the company.

Stork delayed issuance due to the difficult conditions in financial markets, according to the press release.

The deal was talked with a yield in the 11½% area on Tuesday, according to a market source.

Goldman Sachs International and Jefferies & Co. were the joint bookrunners.

The Utrecht, Netherlands-based services provider to the oil and gas industry had planned to use the proceeds to refinance debt.

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