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Artera shops $250 million tap of PowerTeam Services 9.033% secured notes; guidance 107.5 area
By Paul A. Harris
Portland, Ore., Dec. 1 – Artera Services, LLC is in the market with a $250 million add-on to the PowerTeam Services, LLC 9.033% senior secured first-priority notes due Dec. 4, 2025 (B3/B-), according to market sources.
The Rule 144A and Regulation S for life deal was scheduled to be shopped on a mid-Tuesday morning conference call with investors and to price late Tuesday or Wednesday.
Initial guidance has the notes coming at an issue price in the 107.5 area, a trader said.
Joint physical bookrunner UBS Securities LLC will bill and deliver. BNP Paribas Securities Corp. is also a joint physical bookrunner.
Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., MUFG, Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and BofA Securities Inc. are joint bookrunners.
The notes become callable after Dec. 4, 2023 at 104.517. They feature a 40% equity clawback at 109.033 until Dec. 4, 2023 and a 101% poison put.
Proceeds will be used for general corporate purposes, which may include paying all or a portion of future possible strategic acquisitions. Pending that, proceeds will be used to repay debt under the existing first-lien revolver and receivables facility.
Artera Services, formerly known as PowerTeam Services, is a Plymouth, Mich.-based provider of services to electric and gas utilities.
The original $586,735,000 issue, via PowerTeam, priced in May 2020. A previous $150 million add-on, also via PowerTeam, priced in June 2020.
The new Rule 144A add-on notes will immediately become fungible with the existing notes. The new Regulation S notes will become fungible with the existing notes after 40 days.
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