By Paul A. Harris
Portland, Ore., Aug. 7 - After postponing a secured notes offer in mid-July, Netherlands-based Stork Technical Services Holdco BV returned to the market on Tuesday to price a €272.5 million issue of 11% five-year senior secured notes (B3/B-) at 96.255 to yield 12%, according to a market source.
Timing on the revived deal was moved ahead. A brief roadshow began on Monday, at which time the deal was set to price Wednesday.
The yield printed on top of yield talk. The reoffer price came toward the cheap end of discount talk of 3 points to 4 points.
Joint lead bookrunner Goldman Sachs International will bill and deliver. Jefferies was also a joint lead bookrunner.
The Utrecht, Netherlands-based services provider to the oil and gas industry plans to use the proceeds to refinance debt related to the restructuring of the company.
Relative to the July deal, Tuesday's transaction was downsized and restructured. In July Stork marketed €315 million of seven-year senior secured notes.
That deal was delayed on July 18, 2012 due to difficult conditions in financial markets.
The reduced amount of proceeds in Tuesday's transaction will be made up in part with an equity contribution.
| Issuer: | Stork Technical Services Holdco BV
|
| Face amount: | €272.5 million
|
| Proceeds: | €262.3 million
|
| Maturity: | Aug. 15, 2017
|
| Securities: | Senior secured notes
|
| Joint lead bookrunners: | Goldman Sachs International (bill and deliver), Jefferies
|
| Lead manager: | Rabobank International
|
| Co-managers: | KKR, Commerzbank, DNB Markets, KBC Bank
|
| Coupon: | 11%
|
| Price: | 96.255
|
| Yield: | 12%
|
| Spread: | 1,156 bps
|
| First call: | Feb. 15, 2015 at 108.25
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 12% area with 3-4 points OID
|
| Marketing: | Brief roadshow, with the trade date moved ahead to Tuesday from Wednesday (A €315 million offering of seven-year senior secured notes was delayed on July 18, 2012 due to difficult conditions in financial markets)
|
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