Tervita hikes guidance on $500 million second-lien notes to 11%, including 2 points OID

By Paul A. Harris

Portland, Ore., Nov. 12 – Tervita Corp. increased the amount of all-in yield for its proposed $500 million offering of five-year senior secured second-lien notes (B3/CCC+) to 11% from 10%, according to a market source.

The 98 original issue discount price remains unchanged.

The Rule 144A for life offering is expected to price on Friday.

Deutsche Bank Securities Inc. is the lead left bookrunner, Barclays, CIBC World Markets Corp. and TD Securities (USA) LLC are joint bookrunners.

The notes are non-callable for two years. There is a special redemption of up to 20% of the principal amount for the first year at par plus 50% of the coupon.

Proceeds will be used to refinance debt.

Tervita is a Calgary, Alta.-based waste and environmental solutions company.

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