Transfield Services starts roadshow for $300 million 5.5-year notes; whisper is mid-8% yield

By Paul A. Harris

Portland, Ore., May 5 - Sydney, Australia-based Transfield Services Ltd. began a roadshow on Monday for a $300 million offering of 5.5-year senior notes (expected ratings Ba3/B+), according to a market source.

The deal comes with initial yield talk in the mid-8% context.

BofA Merrill Lynch and HSBC Securities (USA) Inc. are the joint bookrunners for the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

Proceeds, along with a A$500 million credit facility, will be used to refinance debt and provide working capital.

Transfield Services provides operations, maintenance and construction services to the energy, industrial, infrastructure and defense sectors, primarily in Australia, New Zealand and the United States.

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