Published on 12/14/2009 in the Prospect News High Yield Daily.
New Issue: Expro Finance upsizes to $1.4 billion, sells 8½% seven-year notes at 96.207 to yield 9¼%
By Paul A. Harris
St. Louis, Dec. 14 - Expro Finance Luxembourg SCA priced an upsized $1.4 billion issue of 8½% seven-year senior secured notes (B1/B+/) at 96.207 to yield 9¼% on Monday, according to a market source.
The yield printed on top of yield talk. The issue price came in line with the approximately 4 points of discount talk.
Goldman Sachs & Co. and Deutsche Bank Securities Inc. were joint bookrunners for the issue, which was upsized from $1.35 billion.
J.P. Morgan Securities Inc., HSBC Securities (USA) Inc. and Lloyds TSB Bank plc were join lead managers.
Co-managers were Natixis Capital Markets and RBC Capital Markets Corp.
The company - a unit of Reading, England-based oilfield services provider Expro International Group Ltd. - will use the proceeds to repay its senior secured term loans.
| Issuer: | Expro Finance Luxembourg SCA
|
| Face amount: | $1.4 billion, upsized from $1.35 billion
|
| Proceeds: | $1.347 billion (approximate)
|
| Maturity: | 2016
|
| Securities: | Senior secured notes
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc.
|
| Joint lead managers: | J.P. Morgan Securities Inc., HSBC Securities (USA) Inc., Lloyds TSB Bank plc
|
| Co-managers: | Natixis Capital Markets, RBC Capital Markets Corp.
|
| Coupon: | 8½%
|
| Price: | 96.207
|
| Yield: | 9¼%
|
| Spread: | 622 bps
|
| Call features: | Make-whole at Treasuries plus 50 bps until Dec. 15, 2013, then callable at 104.25, 102.125, par on and after Dec. 15, 2015 (call protection increased from three years). Up to 10% of issue may be called at 103 until Dec. 15, 2012
|
| Equity clawback: | 35% at 108.50 until Dec. 15, 2012
|
| Trade date: | Dec. 14
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 9¼% area with approximately 4 points of OID
|
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