Altera Shuttle Tankers launches upsized $200 million four-year notes to yield 9%

By Paul A. Harris

Portland, Ore., Feb. 28 – Altera Shuttle Tankers LLC launched an upsized $200 million offering of four-year senior notes to yield 9%, according to market sources.

The issue size increased from $150 million.

The deal launched at the tight end of the 9% to 9¼% yield talk. Initial talk was 9¼% to 9½%.

The notes are expected to price on Wednesday.

Arctic Securities, Danske Bank, DNB, Nordea and SEB are the joint bookrunners. Credit Agricole CIB is the co-manager.

Proceeds will be used to repay debt and for general corporate purposes.

Altera Shuttle Tankers is Bermuda-based subsidiary of Altera Infrastructure, an energy infrastructure services group primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.

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