Tervita starts roadshow for $325 million 4.25-year senior notes; pricing Nov. 18 week

By Paul A. Harris

Portland, Ore., Nov. 18 - Tervita Corp. began a roadshow on Monday for a $325 million offering of 4.25-year senior notes (existing ratings Caa2/CCC), according to a syndicate source.

The deal is set to price this week.

RBC Capital Markets is the left bookrunner. Deutsche Bank Securities Inc., Goldman Sachs & Co. and TD Securities are the joint bookrunners. Barclays and Credit Suisse Securities (USA) LLC are the co-managers.

The Rule 144A and Regulation S for life notes become callable in November 2015 at par plus 75% of the coupon and feature a 35% equity clawback at par plus the coupon until November 2015 and a 101% poison put.

The Calgary, Alta.-based environmental management services provider for the oil and gas industry plans to use the proceeds to fund the tender for its 11% senior notes due 2015.

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