Tervita sets yield talk on $500 million second-lien notes at 11% area, including 2 points OID

By Paul A. Harris

Portland, Ore., Nov. 12 – Tervita Corp. talked its $500 million offering of five-year senior secured second-lien notes (B3/CCC+) with an all-in yield in the 11% area with 2 points of original issue discount, according to a market source.

Yield talk widened by 100 basis points from earlier guidance in the 10% area. The OID remains unchanged.

The Rule 144A for life offering is expected to price on Friday.

Deutsche Bank Securities Inc. is the lead left bookrunner, Barclays, CIBC World Markets Corp. and TD Securities (USA) LLC are joint bookrunners.

The notes are non-callable for two years. There is a special redemption of up to 20% of the principal amount for the first year at par plus 50% of the coupon.

Proceeds will be used to refinance debt.

Tervita is a Calgary, Alta.-based waste and environmental solutions company.

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