Related Issuers
by Stephen Carter
Dec 10, 2020 1:24 PM 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. Settles 12/17 (T+5).
- EUR410m (from EUR300m minimum) due 01/01/26 (5y). NC2 (MWC B+50bp), then at 101.375, 100.688, 100. Equity claw: 2y 40% at 102.75. Special call: 10% per year the 1st 2 years at 103. Reg S ISIN: XS2274815369. IPT: 3.00%-3.25%. Px talk: 2.75%-3.00%. Priced: 2.75% at 100. +353bp vs DBR 0.5% 02/15/26.
- EUR300m (from EUR300m minimum) due 01/01/28 (7y). NC3 (MWC B+50bp), then at 101.563, 100.781, 100. Equity claw: 3y 40% at 103.125. Special call: 10% per year the 1st 3 years at 103. Reg S ISIN: XS2274816177. IPT 3.375%-3.625%. Px talk: 3.125%-3.375%. Priced: 3.125% at 100. +388bp vs DBR 5.625% 01/04/28.
Investor calls started Tues (did investor call at 11am UKT today). Books closed at 3pm UKT today. 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).