InterGen upsizes to $1 billion equivalent, sets yield talk in two-part notes offer

By Paul A. Harris

Portland, Ore., June 5 - InterGen NV upsized its two-part offering of senior secured notes to $1 billion equivalent from $800 million equivalent, in addition to setting yield talk on Wednesday, according to a market source.

A $600 million tranche of 10-year notes is talked to price with a yield in the 7% area.

Meanwhile a £260 million tranche of eight-year notes is talked to price with a yield 25 basis points behind the dollar-denominated notes.

The notes are set to price on Thursday.

Deutsche Bank is the global coordinator. Barclays, BofA Merrill Lynch, Credit Suisse, Mitsubishi UFJ Securities and RBC are the joint bookrunners. Citigroup is the co-manager.

The 10-year notes come with five years of call protection, while call protection for the eight-year notes is four years.

Proceeds along with new bank debt will be used to fund the tender offer for the company's 9½% senior secured notes due 2017, its 9% senior secured notes due 2017 and its 8½% senior secured notes due 2017, as well as to repay bank debt and for general corporate purposes.

InterGen is a power generation company.

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