Aggreko sets talk for £1.06 billion equivalent dollar, euro notes; pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 14 – Albion HoldCo Ltd. set price talk in its £1.055 billion equivalent three-part offering of high-yield notes backing the buyout of Aggreko plc, according to market sources.

The offering includes £700 million equivalent of five-year senior secured notes (B1/BB-/BB+) featuring a tranche of dollar-denominated notes talked in the 6% area and euro-denominated notes talked at 5% to 5¼%. Final tranche sizes for the secured portion of the deal had not been announced prior to press time.

The offering also includes $485 million of 5.5-year senior unsecured notes (B3/B/BB-) talked to yield in the 8% area.

The deal is set to price on Friday.

Left bookrunner and joint global coordinator Barclays will bill and deliver. BofA is also a joint global coordinator and joint bookrunner. Deutsche Bank, Goldman Sachs, HSBC, Lloyds, Santander, SMBC and Standard Chartered are also joint bookrunners.

The Rule 144A and Regulation S notes in all three tranches become callable after two years at par plus 50% of the respective coupons.

Proceeds will be used to fund the acquisition of Aggreko, a Glasgow, U.K.-based producer of modular power generation and temperature control equipment, by I Squared Capital & TDR Capital, and to refinance debt.

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