Perenti brings $350 million offering of notes backing redemption of Barminco 6 5/8% notes

By Paul A. Harris

Portland, Ore., Sept. 21 – Australia’s Perenti Global Ltd. began a global roadshow on Monday for a $350 million offering of five-year guaranteed senior notes (Ba2/BB), according to a market source.

HSBC and Standard Chartered are the joint bookrunners.

The Rule 144A and Regulation S notes come two years of call protection.

The issuing entity will be Perenti Finance Pty. Ltd., a wholly owned subsidiary of Perenti Global.

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.

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