Tervita talks $290 million seven-year notes to yield 9¾%-10%

By Paul A. Harris

Portland, Ore., Oct. 18 - Tervita Corp. talked its $290 million offering of seven-year senior notes (Caa2/CCC+/) to yield 9¾% to 10%, a market source said on Thursday.

The deal is expected to price on Friday.

Deutsche Bank Securities Inc. is the left bookrunner. Goldman Sachs & Co., RBC Capital Markets and TD Securities are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 75% of the coupon. The notes feature a 101% poison put.

The Calgary, Alta.-based environmental and energy services company plans to use the proceeds to repay debt under its U.S. dollar- and Canadian dollar-denominated revolvers, as well as to pay fees and expenses related to an amendment to its senior secured credit facilities, and for general corporate purposes.

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