New Issue: Tank & Rast prices €460 million seven-year second-lien notes at par to yield 6¾%

By Paul A. Harris

Portland, Ore., Nov. 26 - Tank & Rast GmbH Motorway priced a €460 million issue of seven-year senior second-lien notes (/B/) at par to yield 6¾% on Tuesday, according to a market source.

The yield printed on top of yield talk that had been revised downward from earlier talk of 7% to 7¼%.

Global coordinator Deutsche Bank will bill and deliver. Barclays and Royal Bank of Scotland were also global coordinators.

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

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 issuing entity will be Deutsche Raststatten Gruppe IV GmbH.

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

Issuer:	Deutsche Raststatten Gruppe IV GmbH (Tank & Rast GmbH Motorway)
Amount:	€460 million
Maturity:	Dec. 30, 2020
Securities:	Senior second-lien notes
Global coordinators:	Deutsche Bank (bill and deliver), Barclays, Royal Bank of Scotland
Joint bookrunners:	Commerzbank, Credit Suisse, ING, Nomura, RBC, UniCredit
Coupon:	6¾%
Price:	Par
Yield:	6¾%
Spread:	560 bps
Call features:	Make-whole call at Bunds plus 50 bps until Dec. 30, 2016, then callable at 103.375, 101.688, par on and after Dec. 30, 2018
Trade date:	Nov. 26
Settlement date:	Dec. 10
Rating:	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	6¾%, revised from 7% to 7¼%
Marketing:	Roadshow

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