By Mary-Katherine Stinson
Lexington, Ky., April 19 – Puma International Financing SA priced a $500 million offering of 7¾% senior notes (Ba3//BB) at par, according to multiple notices and a market source.
The notes are guaranteed by parent company Puma Energy Holdings Pte. Ltd. and will be non-callable for two years.
Call protection includes a make-whole at Treasuries plus 50 basis points before April 25, 2026. The year after, the notes may be called at par plus half the coupon with a reduction to 101.938 the following year and then a par call option in the final year.
The issuer intends to use the proceeds from the Rule 144A and Regulation S offering to refinance its $720 million outstanding 5% senior notes due 2026 (ISIN: XS1751117604, XS1751189348).
As reported on April 11, the company launched a capped tender offer for the existing notes, which was conditioned on pricing of the new notes.
J.P. Morgan Securities LLC, SMB Nikko, Standard Chartered Bank, ING, MUFG, Natixis and Societe Generale are the bookrunners.
Puma Energy is a Geneva and Singapore-based global fuel distributor, primarily across Latin America and Africa.
| Issuer: | Puma International Financing SA
|
| Guarantor: | Puma Energy Holdings Pte. Ltd.
|
| Issue: | $500 million
|
| Maturity: | 2029
|
| Bookrunners: | J.P. Morgan Securities LLC (billing and delivery), SMB Nikko, Standard Chartered Bank, ING, MUFG, Natixis and Societe Generale
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Call: | Make-whole call before April 25, 2026 at Treasuries plus 50 bps; after April 25, 2026 at 103.875, after April 25, 2027 at 101.938, after April 25, 2028 at par
|
| Change of control: | At 101
|
| Pricing date: | April 18
|
| Settlement date: | April 25
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| ISIN: | US74588YAB65, XS2801333530
|
|
|
|
|
© 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.
