ContourGlobal talks $400 million five-year notes at 7¼%-7½% yield, moves up timing

By Paul A. Harris

Portland, Ore., May 8 - ContourGlobal Power Holdings SA talked its $400 million offering of five-year senior secured notes (B3/BB-/) to yield 7¼% to 7½%, according to an informed source.

The deal is set to price on Friday. Timing was moved ahead, as the offer was previously scheduled to be in the market through the weekend.

Goldman Sachs & Co. is the bookrunner for the Rule 144A and Regulation S offering.

The notes become callable after two years at par plus 50% of the coupon.

The New York-based operator of power generating stations plans to use the proceeds to repay debt, to fund acquisitions and development projects and for general corporate purposes.

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