By Paul A. Harris
Portland, Ore., April 11 – Barminco Finance Pty Ltd. priced an upsized $350 million issue of five-year senior secured notes (B2/expected B) at par to yield 6 5/8% on Tuesday, according to a syndicate source.
The issue size was increased from $300 million.
The yield printed on top of yield talk.
Goldman Sachs & Co. was the left bookrunner. HSBC and SC Lowy were joint bookrunners.
The notes come with two years of call protection.
Up to $125 million of the notes may be redeemed at 101 during the non-call period using the proceeds from an initial public offering of stock.
The Hazelmere, Western Australia-based international mining contractor plans to use the proceeds, together with cash in the bank, to repay the entire $299.7 million of its outstanding senior notes.
| Issuer: | Barminco Finance Pty Ltd.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | May 15, 2022
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | HSBC, SC Lowy
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 473 bps
|
| Call protection: | Two years
|
| Trade date: | April 11
|
| Settlement date: | April 26
|
| Ratings: | Moody's: B2
|
| S&P: Expected B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6 5/8%
|
| Marketing: | Roadshow
|
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