By Paul A. Harris
Portland, Ore., June 7 - InterGen NV shifted proceeds to its dollar-denominated tranche from its sterling-denominated tranche and priced its two-part offering of senior secured notes (B1/B+) on Friday, according to a market source.
The deal included an upsized $750 million tranche of 7% 10-year notes, which priced at 98.23 to yield 7¼%. The dollar tranche was upsized from $600 million. The yield printed on top of yield talk that was revised upward from earlier talk in the 7% area.
The Burlington, Mass.-based power generator also priced a downsized £175 million tranche of 7½% eight-year notes at 98.52 to yield 7¾%. The sterling tranche was downsized from £260 million. The sterling notes had been talked to yield 25 basis points behind the dollar notes but instead came 50 bps behind.
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.
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.
| Issuer: | InterGen NV
|
| Securities: | Senior secured notes
|
| Global coordinator: | Deutsche Bank
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Credit Suisse, Mitsubishi UFJ Securities, RBC
|
| Co-manager: | Citigroup
|
| Trade date: | June 7
|
| Settlement date: | June 13
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $750 million, increased from $600 million
|
| Proceeds: | $736.73 million
|
| Maturity: | 2023
|
| Coupon: | 7%
|
| Price: | 98.23
|
| Yield: | 7¼%
|
| Spread: | 516 bps
|
| Call protection: | Five years
|
| Price talk: | 7¼%, increased from 7% area
|
|
|
| Sterling-denominated notes
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| Amount: | £175 million, decreased from £260 million
|
| Proceeds: | £172.41 million
|
| Maturity: | 2021
|
| Coupon: | 7½%
|
| Price: | 98.52
|
| Yield: | 7¾%
|
| Spread: | 611 bps
|
| Call protection: | Four years
|
| Price talk: | 25 bps behind the dollar-denominated notes
|
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