Perenti launches $350 million five-year notes at 7½%; pricing Thursday

By Paul A. Harris

Portland, Ore., April 18 – Perenti Finance Pty Ltd. launched its $350 million offering of five-year senior notes (Ba2/BB/BB+) at 7½%, on top of final price talk, according to market sources.

The deal, which ran a global roadshow including stops in Hong Kong and Singapore, is a blowout, according to a bond trader in New York, who added that book size is heard to be in excess of $2 billion for the $350 million offering.

The Australia-based mining group has a robust following among U.S. high-yield bond investors, the trader remarked.

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

Joint bookrunner HSBC will bill and deliver. Standard Chartered is also a joint bookrunner.

Perenti plans to use the proceeds to partially redeem $230 million of its $433 million of outstanding 6½% senior notes due 2025 and to partially repay amounts drawn under its syndicated facility.

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