In the Nordic market: 12/02/2021 Altera Shuttle Tankers LLC (TKSHTN) US$180m (up from US$150m minimum) (USD250m borrowing limit) sr unsec notes due 12/15/25 (4y). NC3 (12/15/24) (MWC), then at 104.75, 06/15/25 at 102.375. NR/NR. Via DNB (lead left, B&D)/Nordea jt books. Danske, SEB jt leads. Semi-pay. List Oslo Bors. Norwegian law. Settles 12/15 (T+9). ISIN: NO0011167785. Includes a no dividend restriction for the full tenor of the bonds. Also now: Tap issues only at issue price or higher; and additional debt from affiliates, which is not exclusively employed to refinance existing debt, shall be fully subordinated. Px guidance: 9.50% coupon, issue price 97. Price set: 9.50% coupon, issue price 97. Priced: 9.50% at 97.00, yield 10.437%.
Originally structured as NC2.5 (37.5%,25%,12.5% of the coupon after 30mo, 36mo and 42mo). Investor calls started 11/25 (global investor calls: at 8am CET/7am UKT/2pm NYT 11/26; and at 3pm CET/2pm UKT/9am NYT 11/29). Books were covered at the US$150m minimum issue size. Books closed at 3:30pm CET / 9:30am NYT 12/02. UOP: along with cash on hand, to refinance US$180m of its US$250m 7.125% sr unsec notes due 08/15/22 (conditional buyback at 105 +AI), and GCP. Equity sponsor: Brookfield Business Partners. Biz: formerly Teekay Shuttle Tankers LLC, a leading owner and operator of shuttle tankers. It is a wholly owned subsidiary of Altera Infrastructure LP, an international midstream services provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry focusing on deep-water offshore oil regions of the North Sea, Brazil and the East Coast of Canada. HQ: Aberdeen, Scotland.