Aggreko selling £1.06 billion equivalent notes in three tranches; pricing this week

By Paul A. Harris

Portland, Ore., Oct. 12 – Albion HoldCo Ltd. plans to price £1.055 billion equivalent of high-yield notes backing the buyout of Aggreko plc this week, according to a market source.

The offering includes £700 million equivalent of five-year senior secured notes (B1/BB-/BB+) in dollar-denominated and euro-denominated tranches, with tranche sizes to be determined.

The offering also includes $485 million of 5.5-year senior unsecured notes (B3/B/BB-).

The deal, which was set to kick off on a Tuesday conference call with investors, will be marketed on a roadshow through Thursday and will price thereafter.

Left bookrunner and joint global coordinator Barclays will bill and deliver. BofA is also a joint global coordinator and joint bookrunner. Deutsche Bank, Goldman Sachs, HSBC, Lloyds, Santander, SMBC and Standard Chartered are also joint bookrunners.

The Rule 144A and Regulation S notes in all three tranches become callable after two years at par plus 50% of the respective coupons.

Proceeds will be used to fund the acquisition of Agrekko, a U.K.-based producer of modular power generation and temperature control equipment, by I Squared Capital & TDR Capital, and to refinance debt.

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