By Paul A. Harris
Portland, Ore., Sept. 24 – Australia’s Perenti Global Ltd. priced an upsized $450 million issue of five-year guaranteed senior notes (Ba2/BB) at par to yield 6˝%, according to market sources.
The issue size increased from $350 million.
The yield printed at the tight end of the 6˝% to 6 5/8% yield talk.
HSBC and Standard Chartered are the joint bookrunners.
The Perth-based mining and drilling services provider plans to use the proceeds from the Rule 144A and Regulation S deal to fund the redemption of all of the outstanding $350 million 6 5/8% senior secured notes due May 2022 issued by its wholly owned subsidiary, Barminco Finance Pty Ltd., at the call price of 101.656.
| Issuer: | Perenti Finance Pty Ltd.
|
| Amount: | $450 million, increased from $350 million
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| Tenor: | Five years
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| Securities: | Guaranteed senior notes
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| Bookrunners: | HSBC and Standard Chartered
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| Copuon: | 6˝%
|
| Price: | Par
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| Yield: | 6˝%
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| Call protection: | Two years
|
| Settlement date: | Oct. 7
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6˝% to 6 5/8%
|
| Marketing: | Roadshow
|
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