Rockpoint Gas Storage to sell $400 million secured notes due 2023

By Paul A. Harris

Portland, Ore., Jan. 29 – Rockpoint Gas Storage Canada Ltd. plans to participate in a global investor call as well as investor lunch on Wednesday, according to a syndicate source.

The Alberta-based owner and operator of natural gas storage is offering $400 million of senior secured first-lien notes due March 2023.

The deal is being offered with approximately 4 points of original issue discount and is expected to price late in the Jan. 29 week or early the following week.

Joint bookrunner RBC Capital Markets LLC will bill and deliver. BMO Securities and CIBC World Markets are also joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after two years at par plus the full coupon.

Proceeds, together with cash on hand, will be used to redeem and retire all of the outstanding 2019 notes and to repay approximately $150 million of outstanding borrowings under the term loan facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.