EG updates guidance on €500 million minimum secured notes due 2025 at tight to whisper 4¾% area

By Paul A. Harris

Portland, Ore., April 29 – Filling station operator EG Group updated guidance on a €500 million minimum amount of senior secured notes due February 2025 (expected B2/confirmed B+/confirmed B+) in the 4¾% area, according to market sources.

The updated guidance comes tight to 5% initial talk, a trader said.

The euro-denominated notes are part of a €1,355,000,000 equivalent offering of the notes, which also features a $500 million minimum tranche.

The deal was marketed on a roadshow in Europe last week and is set to be marketed this week through Wednesday in the United States.

Initial guidance in the dollar-denominated notes is in the low 7% area, according to the trader.

Left global coordinator Barclays will bill and deliver for the Rule 144A and Regulation S for life deal. Deutsche Bank and UBS are also joint global coordinators. ING is the joint bookrunner.

The notes in both tranches become callable after two years.

The Blackburn, U.K.-based company plans to use the proceeds to repay its new dollar- and euro-denominated bridge facilities, as well as to repay its revolving credit facility and for general corporate purposes.

The corporate sponsor is TDR Capital.

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