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EG Group sets final tranche sizes, pricing for €1.64 billion equivalent three-part secured notes
By Paul A. Harris
Portland, Ore., May 2 – Filling station operator EG Group finalized tranche sizes and set coupons in its upsized and restructured €1.64 billion offering of senior secured notes (B2/B/B+), according to market sources.
The deal, which is upsized from €1,355,000,000, comes in three tranches, with a tranche of shorter maturity euro-denominated notes added late in marketing to what had previously been a two-part deal in dollars and euros.
The shorter maturity tranche shapes up as €300 million of 3 5/8% notes due 2024, with two years of call protection. Price talk was 3¾% to 4%
The deal also includes €670 million of 4 3/8% notes due February 2025, with two years of call protection. Price talk was in the 4½% area (initial price talk was in the 4¾% area; early guidance the 5% area).
The sole dollar-denominated tranche comes as $750 million of 6¾% notes due February 2025, with two years of call protection. Price talk was 6¾% to 7% (initial price talk was in the 7% area; early guidance was in the low 7% area).
All books were scheduled to be closed by 6:30 a.m. ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price and allocate later on Thursday.
Left global coordinator Barclays will bill and deliver. Deutsche Bank and UBS are also joint global coordinators. ING is the joint bookrunner.
The Blackburn, U.K.-based company plans to use the proceeds, including the additional proceeds resulting from the €285 million upsizing of the deal, to repay new dollar- and euro-denominated bridge facilities, to pay off its revolving credit facility and to make partial pro rata payments on its dollar- and euro-denominated second-lien term loans.
The corporate sponsor is TDR Capital.
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