Related Issuers
by Stephen Carter
Dec 10, 2020 8:47 AM ET
ContourGlobal Power Holdings SA (CONGLO) EUR710m 144A/Reg S sr sec notes two-part. NR/BB+/BB (--/CreditWatch negative/stable). Via GS/BNPP jt glocos/Citi/HSBC/UniCredit joint books. No reg rights. List ISE. NY law.
- EUR TBA (EUR300m minimum) due Jan 2026 (5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%). IPT: 3.00%-3.25%. Px talk: 2.75%-3.00%.
- EUR TBA (EUR300m minimum) due Jan 2028 (7y). NC3 (MWC B+50bp), (50%, 25%, par). Equity claw: 3y 40%, special call: 10% per year the 1st 3 years at 103). IPT 3.375%-3.625%. Px talk: 3.125%-3.375%.
Investor calls started Tues (did investor call at 11am UKT today). Books close at 3pm UKT today. Pricing today UK afternoon. UOP: along with USD81m cash on hand, $175m bridge loan, that will be refinanced with project level debt, to refi its existing EUR450m 3.375% sr sec notes due 08/01/23 (callable at 101.688) and to pay fund the acquisition of certain assets of Western Generation (12 power plants in the US and Trinidad and Tobago for $837m of which $627m is payable in cash). Equity sponsor: Reservoir Capital Group. Biz: a U.K. listed developer and operator of wholesale electric power generation businesses. Q: London, UK. (Acquisition announced 12/07/2020).