By Paul A. Harris
Portland, Ore., Dec. 14 - Rain CII Carbon LLC and Rain CII Carbon Corp. sold a dual-currency two-tranche offering of eight-year senior secured second-lien notes (B1/BB-/) on Friday, according to a syndicate source.
A $400 million tranche priced at par to yield 8¼%. The yield printed on top of price talk that was revised lower from earlier talk in the 8½% area.
A €210 million tranche priced at par to yield 8½%, also on top of revised price talk. Earlier talk had the euro-denominated notes pricing 12.5 bps to 25 bps behind the dollar-denominated notes, implying a yield of 8 5/8% to 8¾%.
Citigroup Global Markets Inc. was the left bookrunner. Goldman Sachs & Co. was the joint bookrunner.
The Kingwood, Texas-based calcined petroleum coke producer plans to use the proceeds to partially fund the acquisition of Rutgers NV and repay some existing debt.
| Issuers: | Rain CII Carbon LLC and CII Carbon Corp.
|
| Maturity: | Jan. 15, 2021
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| Securities: | Senior secured second-lien notes
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| Left bookrunner: | Citigroup Global Markets Inc.
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| Joint bookrunner: | Goldman Sachs & Co.
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| Co-manager: | Wells Fargo Securities LLC
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| Trade date: | Dec. 14
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| Settlement date: | Dec. 31
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated tranche
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| Amount: | $400 million
|
| Coupon: | 8¼%
|
| Price: | Par
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| Yield: | 8¼%
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| First call: | Jan. 15, 2016 at 106.188
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| Price talk: | 8¼%, revised from 8½% area
|
|
|
| Euro-denominated tranche
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| Amount: | €210 million
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| Coupon: | 8½%
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| Price: | Par
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| Yield: | 8½%
|
| First call: | Jan. 15, 2016 at 106.375
|
| Price talk: | 8½%, revised from 12.5 to 25 bps behind the dollar notes (8 5/8% to 8¾%)
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