ContourGlobal circulates initial guidance on €700 million two-part offering of secured notes

By Paul A. Harris

Portland, Ore., July 18 – Initial price guidance is out in the ContourGlobal Power Holdings SA €700 million two-part senior secured notes offering (BB/BB), market sources say.

The deal is expected to come in a €300 million minimum tranche of five-year notes with two years of call protection and initial guidance 3½%.

The long tranche features seven-year notes with three years of call protection and is also expected be sized at €300 million minimum. Initial guidance for the seven-year notes is in the low 4% area.

The roadshow is scheduled to wrap up on Wednesday.

Goldman Sachs is managing the Rule 144A and Regulation S notes sale.

The London-based power generator plans to use the proceeds to refinance its 5 1/8% senior secured notes due 2021.

ContourGlobal Power Holdings is an indirect wholly owned subsidiary of ContourGlobal plc, which has thermal and renewable power plants in 18 countries in Europe, Latin America and Africa.

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