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by Stephen Carter
Dec 15, 2025 2:25 PM ET
Breakwater Energy Holdings Sarl (BRKWTR) $75m Reg S only add-on to its 9.25% 144A/Reg S sr sec notes due 11/15/30 (5y). NC2 (11/15/27) (MWC T+50bp), then at 104.625 11/15/27, 102.313 11/15/28, 100 11/15/29. Equity claw: 2y 40% at 109.25. Special call: 10% per year the 1st 2 years at 103. B1/B+/BBB- (stable/stable/stable). Via MS sole. No reg rights. List ISE. NY law. CoC at 101. Pays May 15 and Nov 15, starting 05/15/26 (30/360). Denoms: 250kx1k. Settles 12/18 (T+3). Permanent Reg S ISIN: USL2000TAA71. Temporary Reg S ISIN: USL2000TAB54. After 40 days, the new notes will become fungible with the original US$725m issue priced 11/06/2025. IPT: 102.50-103.00. Price talk: 103.00-103.50.
Priced: 9.25% add-on at 103.50, 8.181% YTW. +456bp vs 1.75% 11/15/29.
Books closed at 12pm NYT / 5pm UKT 12/15. UOP: fund distribution to sharholders. Equity sponsor: EIG partners. Biz: Breakwater is the investment vehicle supporting EIG Partner’s 25% ownership interest in Repsol E&P, the upstream oil and gas business of Repsol SA. HQ: Luxembourg (Repsol SA is headquartered in Madrid, Spain).