Triton Water downsizes offering to $670 million, talks eight-year notes at 6¼%-6½%

By Paul A. Harris

Portland, Ore., March 16 – Triton Water Holdings Inc. downsized its offering of notes to $670 million from $1.42 billion, according to market sources.

The downsizing saw a $750 million offering of senior secured notes withdrawn from the market, with the proceeds shifted to a concurrent term loan.

The remaining $670 million tranche of eight-year senior unsecured notes (Caa1/CCC+) is talked to yield 6¼% to 6½%, versus initial talk in the high 6% area.

The Rule 144A and Regulation S for life deal is expected to price on Wednesday.

Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities Inc., Jefferies LLC, RBC Capital Markets LLC, Mizuho Securities USA Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

With the shift of proceeds to the first-lien term loan from the secured notes, the loan is upsized to $2.55 billion from $1.8 billion.

Proceeds will be used to finance the acquisition of Nestle Waters North America Holdings, Inc. by One Rock Capital Partners, Metropoulos & Co. and certain co-investors.

The prospective issuer is a Stamford, Conn.-based supplier of bottled water.

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