By Paul A. Harris
Portland, Ore., Oct. 8 – Rubis Terminal Infra S.A.S. priced a €150 million add-on to its 5 5/8% senior secured notes due May 15, 2025 (B1/B+) at 103.875 on Thursday, according to market sources.
The execution rendered a 4.67% yield to maturity.
The issue price came rich to price talk in the 103.5 area. Initial price talk was 103.
Physical bookrunner J.P. Morgan Securities plc will bill and deliver. Credit Agricole CIB was a joint bookrunner.
The Paris-based distributor of fuel, liquefied petroleum gas, and other petroleum products plans to use the proceeds to help fund its acquisition of Terminales Portuarias, S.L. (Tepsa), a Barcelona-based energy storage and transportation company.
| Issuer: | Rubis Terminal Infra S.A.S.
|
| Amount: | €150 million
|
| Maturity: | May 15, 2025
|
| Security description: | Add-on to 5 5/8% senior secured notes due May 15, 2025
|
| Physical bookrunner: | J.P. Morgan Securities plc (bill and deliver)
|
| Joint bookrunner: | Credit Agricole CIB
|
| Coupon: | 5 5/8%
|
| Price: | 103.875
|
| Yield to maturity: | 4.67%
|
| Spread: | 540 bps
|
| First call: | May 15, 2022 at 102.813
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 103.5 area
|
| Original issue: | €410 million issued in May 2020
|
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