EG Group updates guidance on $500 million minimum notes due 2025 to 7% area yield

By Paul A. Harris

Portland, Ore., April 30 – Filling station operator EG Group updated guidance on a $500 million minimum amount of senior secured notes due February 2025 (B2/B/B+) to the 7% area, according to a market source.

The updated guidance comes tight to initial talk in the low 7% area.

Talk on the €500 million minimum tranche was updated to the 4¾% area, tighter than the 5% initial talk, on Monday.

The notes are coming in a €1,355,000,000 equivalent offering, which was marketed in a roadshow in Europe last week and is set to continue a roadshow through Wednesday in the United States.

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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