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Great Rolling Stock eyes £200 million notes; Alterra Power to refinance portion of bond
By Devika Patel
Knoxville, Tenn., Sept. 30 – The week ended with a slow Friday for private placement news. Great Rolling Stock Co. Ltd. had the only new deal announcement of the day – a £200 million three-tranche offering of senior notes that priced on Thursday and will be sold in tranches of £125 million, £50 million and £25 million to fund general corporate purposes.
London’s Great Rolling Stock is a subsidiary of Willow Bidco Ltd., the parent company of Angel Trains Ltd., which is a rail rolling stock leasing company. The group's activities include procuring, financing, leasing and maintaining passenger trains.
Also in private placement news, Alterra Power Corp. agreed to refinance a portion of its $72 million bond due December 2016 held by Reykjavik Energy. The extended bond, issued by an Alterra subsidiary, will have substantially the same terms as the bond it replaces, except for a 50% reduced principal amount, an 18-month maturity and a revised coupon of 5%. The Vancouver, B.C., renewable energy company said it expects the refinancing to be completed by mid-October.
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