Private Placement Calendar

UPCOMING CLOSINGS

DECEMBER 15

TRANSPOWER: $150 million of 12-year 3.6% notes in a private placement to 10 U.S.-based institutions; New Zealand-based high-voltage electricity transmission grid owner and operator.

VECTREN CAPITAL CORP.: $75 million 3.48% guaranteed senior notes, series A, due Dec. 15, 2017 and $50 million 4.53% guaranteed senior notes, series B, due Dec. 15, 2025; guaranteed by Vectren Corp.; make-whole call at Treasuries plus 50 basis points; purchasers include Northwestern Mutual Life Insurance Co., Allstate Life Insurance Co., Allstate Life Insurance Co. of New York, American Heritage Life Insurance Co., AXA Equitable Life Insurance Co., New York Life Insurance Co., New York Life & Annuity Corp., Forethought Life Insurance Co., Protective Life Insurance Co., Ohio National Life Assurance Corp., Seabright Insurance Co. and ProAssurance Casualty Co.; proceeds to repay debt and for general corporate purposes; Evansville, Ind.-based energy holding company.

DECEMBER 16

COOKSON GROUP PLC: private placement of $250 million (£156 million) of fixed-rate notes in two series: $110 million of 4.16% notes due December 2017 and $140 million of 4.87% notes December 2020; proceeds to repay drawings under existing committed bank facilities; London-based materials science company.

DECEMBER 30

TIDEWATER INC.: $115 million of senior unsecured notes; weighted average coupon 4.25%; average weighted maturity nine years; maturities ranging from five years to 12 years; purchasers include Northwestern Mutual Life Insurance Co., Prudential Insurance Co. of America, Gibraltar Life Insurance Co., Ltd., Prudential Life Insurance Co., Ltd., Forethought Life Insurance Co., MTL Insurance Co., BCBSM, Inc. DBA Blue Cross and Blue Shield of Minnesota, New York Life Insurance and Annuity Corp., New York Life Insurance Co., New York Life Insurance and Annuity Corp., Allianz Life Insurance Co. of North America, Minnesota Life Insurance Co., MTL Insurance Co., Colorado Bankers Life Insurance Co., Great Western Insurance Co., Catholic Aid Association, American Republic Insurance Co., Blue Cross and Blue Shield of Florida, Inc., State Farm Life Insurance Co., Great-West Life Assurance Co. and CUNA Mutual Insurance Society; proceeds to refinance borrowings under the company's $450 million revolving credit facility, to fund capital expenditures related to the ongoing fleet enhancement program and for general corporate purposes; New Orleans-based owner of vessels serving the offshore energy industry.

DECEMBER 31

ARCH CHEMICALS, INC: $250 million 4% senior unsecured notes due Dec. 31, 2017; make-whole call at Treasuries plus 50 basis points; purchasers include ING Life Insurance & Annuity Co., ING USA Annuity & Life Insurance Co., ReliaStar Life Insurance Co., ReliaStar Life Insurance Co. of New York, New York Life Insurance Co., New York Life Insurance & Annuity Corp., Forethought Life Insurance Co., Metropolitan Life Insurance Co., MetLife Investors Insurance Co., Massachusetts Mutual Life Insurance Co., C.M. Life Insurance Co., MassMutual Asia Ltd., Great-West Life & Annuity Insurance Co., Great-West Life Assurance Co., CUNA Mutual Insurance Society, Cumis Insurance Society, Inc., Southern Farm Bureau Life Insurance Co.; proceeds for general corporate purposes, including the repayment of the $80 million outstanding on the company's term loan facility; Norwalk, Conn.-based biocides company.

DECEMBER

INFORMA plc: $729 million of loan notes divided into $598 million, €50 million and £40 million tranches; proceeds to partly repay bank debt facilities; maturities of between five and 10 years, with an average duration of 8.3 years; weighted average interest rate of 4.3%; London multinational publishing and conference company.

MIGHTY RIVER POWER: $200 million of 10-, 12- and 15-year; National Australia Bank and Bank of New Zealand (arrangers); proceeds to refinance short-term bank debt and provide long-term funding to lengthen the company's average debt maturity profile to 7.5 years from 4.9 years; Auckland, New Zealand, integrated energy generation, trading, retailing and metering business; expected to settle in December.

SPOTLESS GROUP LTD.: $160 million of guaranteed senior notes; $50 million 4.56% 12-year notes, $50 million 4.81% 15-year notes and $60 million 5.99% 20-year notes; proceeds to repay committed bank debt, lower refinancing risk and rebalance and extend the maturity profile of the debt facilities; Melbourne, Australia-based services company.

JANUARY 4

PENN WEST PETROLEUM LTD.: $75 million second tranche of $230 million issue of senior notes; average term of 11 years and average interest rate of 4.99%; proceeds to repay bank debt; subsidiary of Penn West Energy Trust, a Calgary, Alta., oil and gas investment trust.

JANUARY 13

CHUGACH ELECTRIC ASSOCIATION, INC.: $90 million of 4.2% first mortgage bonds series 2011A due March 15, 2031 and $185 million of 4.75% first mortgage bonds series 2011B due March 31, 2041; proceeds to repay debt and for general corporate purposes; Anchorage-based electric utility.

WADDELL & REED FINANCIAL, INC.: $95 million of 5% senior notes, series A, due Jan. 13, 2018 and $95 million of 5.75% senior notes, series B, due Jan. 13, 2021; make-whole call at Treasuries plus 50 basis points; purchasers include Metropolitan Life Insurance Co., MetLife Investors Insurance Co., MetLife Insurance Co. of Connecticut, Midland National Life Insurance Co., North American Company for Life and Health Insurance, Security Benefit Life Insurance Co., Wilton Reassurance Co., Genworth Life & Annuity Insurance Co. Genworth Life Insurance Co., John Hancock Life Insurance Co. (USA), John Hancock Life Insurance Co. of New York, JPMorgan Chase Bank, Northwestern Mutual Life Insurance Co., Knights of Columbus, Union Central Life Insurance Co., Acacia Life Insurance Co., and Ameritas Life Insurance Corp.; proceeds to repay in full the outstanding amounts owed under existing 5.6% senior notes at their scheduled maturity in January 2011 and for general corporate purposes; Overland Park, Kan.-based financial planning company.

JANUARY

SONIC HEALTHCARE LTD.: $250 million of 10-year 5.1% notes; priced at Treasuries plus 215 basis points; proceeds to repay existing bank debt and fund future growth; Macquarie Park, Australia-based medical diagnostics company.

FEBRUARY 15

SOUTHWEST GAS CORP.: $125 million of 6.1% senior notes due February 2041; purchasers include Metropolitan Life Insurance Co., John Hancock Life Insurance Co. (U.S.A.), some of their respective affiliates and Union Fidelity Life Insurance Co.; proceeds to partially repay the maturing $200 million 8.375% debentures due in February 2011; Las Vegas natural gas company.

ON THE HORIZON

AUCKLAND INTERNATIONAL AIRPORT LTD.: Roadshow in the United States for a possible private placement of notes; proceeds to refinance debt set to mature in March; airline hub in New Zealand.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.