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Consolidated Energy sets tranche sizes, talk in $750 million equivalent two-part notes offering
By Paul A. Harris
Portland, Ore., Sept. 29 – Consolidated Energy set tranche sizes and price talk in its $750 million equivalent two-part offering of seven-year senior notes (B3/B+), according to market sources.
The offering includes $460 million of notes talked to yield in the 5¾% area, tight to initial guidance in the high-5% area.
The offering also includes €250 million of notes talked in the 5% area, slightly wide to initial guidance in the high-4% area.
Books close at 10:30 ET on Thursday.
Joint bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC is also a joint bookrunner.
The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.
The issuing entity is Consolidated Energy Finance SA.
The Medford, N.Y.-based retail fuel oil supplier plans to use the proceeds to repay debt.
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