New Issue: TransMontaigne prices $300 million 6 1/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Feb. 7 – TransMontaigne Partners LP and Finance-Co. priced a $300 million issue of eight-year senior notes (B2/BB-/BB) at par to yield 6 1/8% on Wednesday, according to market sources.

The yield printed in the middle of the 6% to 6¼% yield talk.

The deal was three-times oversubscribed, a trader said.

Joint bookrunner RBC Capital Markets LLC will bill and deliver. BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, MUFG and Wells Fargo Securities LLC were also joint bookrunners.

The Denver-based refined petroleum products marketing and distribution company plans to use the proceeds to repay debt and for general partnership purposes.

Issuers:	TransMontaigne Partners LP & TLP Finance Corp.
Amount:	$300 million
Maturity:	Feb. 15, 2026
Securities:	Senior notes
Bookrunners:	RBC Capital Markets LLC (bill and deliver), BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, MUFG, Wells Fargo Securities LLC
Co-managers:	U.S. Bancorp Investments Inc., PNC Capital Markets LLC, ABN Amro, BMO Capital Markets Corp., BBVA Securities Inc.
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
Spread:	334.6 bps
First call:	Feb. 15, 2021 at 104.594
Equity clawback:	35% at 106.125 until Feb. 15, 2021
Trade date:	Feb. 7
Settlement date:	Feb. 12
Ratings:	Moody's: B2
	S&P: BB-
	Fitch: BB
Distribution:	SEC registered
Price talk:	6% to 6¼%
Marketing:	Roadshow

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