By Paul A. Harris
Portland, Ore., July 1 – Puma Energy Holdings Pte. Ltd. priced a $250 million add-on to its 6¾% senior notes due Feb. 1, 2021 (Ba3//BB) at 103.125 to yield 6.16% on Tuesday, according to a market source.
The reoffer price came at the rich end of price talk in the 103 area.
Goldman Sachs International and SG CIB were the joint bookrunners.
The issuing entity is special-purpose vehicle Puma International Financing SA.
The Singapore-based midstream and downstream oil group plans to use the proceeds to fund its ongoing investment program and for general corporate purposes.
| Issuer: | Puma International Financing SA (Puma Energy)
|
| Face amount: | $250 million
|
| Proceeds: | $258 million
|
| Maturity: | Feb. 1, 2021
|
| Security description: | Add-on to 6¾% senior notes due Feb. 1, 2021
|
| Bookrunners: | Goldman Sachs & Co., SG CIB
|
| Coupon: | 6¾%
|
| Price: | 103.125
|
| Yield: | 6.16%
|
| Spread: | 412 bps
|
| Trade date: | July 1
|
| Settlement date: | July 7
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 103 area
|
| Marketing: | Roadshow
|
| Original issue: | $750 million priced at par on Jan. 28, 2013
|
| Fungibility: | Rule 144A add-on notes will be immediately fungible with original notes; Regulation S add-on notes will become fungible 40 days after settlement
|
| Total issue size: | $1 billion
|
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