Leighton to syndicate A$800 million dual-currency term loan B

By Paul A. Harris

Portland, Ore., April 8 – Australia-based Leighton plans to syndicate A$800 million equivalent of seven-year term loan B paper, according to a market source.

Bank meetings are set for Sydney on April 13 and Melbourne on April 15.

The deal is coming in Australian-dollar and U.S.-dollar-denominated tranches (Ba2/BB+), with sizes to be determined.

Barclays, Credit Agricole CIB, ANZ and Goldman Sachs & Co. are the bookrunners.

The U.S. dollar-denominated tranche is priced at Libor plus 475 basis points.

The Australian dollar-denominated tranche is priced at BBSY plus 575 bps.

Both tranches are talked at a reoffer price of 99 and feature six months of soft call protection at 101.

Proceeds will be used to finance the formation of Leighton Services, a fifty-fifty investment partnership between Leighton Holdings Ltd. and Apollo Global Management.

The borrowing entities are LS Deco LLC and LS Newco Pty Ltd.

Leighton is a St Leonards, New South Wales, Australia-based provider of industrial and civil services.

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