By Rebecca Melvin
New York, Dec. 11 – ContourGlobal Power Holdings SA priced €710 million of senior secured notes (/BB+/BB) due 2026 and 2028 on Thursday, according to a market sources.
A €410 million tranche of 2026 secured notes priced with a 2¾% coupon. The notes had been talked at a 3% to 3¼% yield.
A €300 million tranche of 2028 secured notes priced with a 3 1/8% coupon. The notes had been initially talked at a 3 3/8% to 3 5/8% yield.
Joint bookrunners of the Rule 144A and Regulation S notes were Goldman Sachs International, BNP Paribas, Citigroup, HSBC and UniCreditBank.
The London-based power generator plans to use the proceeds of the offering to redeem €450 million of its 3 3/8% senior secured notes due 2023. Remaining proceeds will be used for general corporate purposes including to pay for a portion of a previously announced acquisition of a 1,502 MW portfolio of long-term contracted assets in the United States and Caribbean.
ContourGlobal Power Holdings is an indirect wholly owned subsidiary of ContourGlobal plc, which has thermal and renewable power plants in 18 countries in Europe, Latin America and Africa.
| Issuer: | ContourGlobal Power Holdings SA
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| Amount: | €710 million
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| Securities: | Senior secured notes
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| Bookrunners: | Goldman Sachs International, BNP Paribas, Citigroup, HSBC and UniCreditBank
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| Trade date: | Dec. 11
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| Settlement date: | Dec. 17
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| Ratings: | S&P: BB+
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S
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| 2026 notes
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| Amount: | €410 million
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| Maturity: | 2026
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| Coupon: | 2¾%
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| Price talk: | 3%-3¼%
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| 2028 notes
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| Amount: | €300 million
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| Maturity: | 2028
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| Coupon: | 3 1/8%
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| Price talk: | 3 3/8%-3 5/8%
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