Tank & Rast talks €460 million seven-year notes to yield 7%-7¼%

By Paul A. Harris

Portland, Ore., Nov. 25 - Germany-based Tank & Rast GmbH Motorway talked its €460 million offering of seven-year senior second-lien notes to yield 7% to 7¼%, according to a market source.

Books close at 6 a.m. ET on Tuesday, and the deal is set to price thereafter.

Global coordinator Deutsche Bank will bill and deliver. Barclays is also a global coordinator.

Commerzbank, Credit Suisse, ING, Nomura, RBC and UniCredit are joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

Proceeds will be used to refinance debt incurred in the acquisition of the company by an infrastructure investment vehicle owned by Deutsche Bank from Terra Firma Capital Partners in 2007.

The financing also includes €1.4 billion of bank loans and €250 million of PIK debt.

The issuing entity will be Deutsche Raststatten Gruppe IV GmbH.

The prospective issuer is a Bonn, Germany-based filling station operator.

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