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Private Placement Calendar
Upcoming Pricings
CLEAVER-BROOKS, INC.:
$40 million of five-year senior notes;
The notes will be secured by a third-priority lien on all of the companys present and future assets that secure its existing 8Ύ% senior secured notes due 2019 and its asset-based revolver;
Proceeds, together with other capital sources, are expected to be used to fund the previously disclosed acquisition by Cleaver-Brooks of a related business;
Thomasville, Ga.-based provider of boiler room products.
Upcoming Closings
July 30
KAYNE ANDERSON MLP INVESTMENT CO.:
$30 million of 2.88% series II notes due 2019;
$30 million of 3.46% series JJ notes due 2021;
Proceeds to refinance existing debt, to make new portfolio investments and for general corporate purposes;
Houston-based non-diversified, closed-end management company.
July 31
ALLIANCE TRUST PLC:
£100 million fixed-rate 15-year notes with a coupon of 4.28%;
Principal repayment date is July 31, 2029;
Proceeds will be used to retire £100 million of the company's existing £380 million gearing, all of which is currently short-term funding;
A Dundee, Scotland-based investment and savings business.
July
ABP ACQUISITIONS UK LTD.:
$235 million of floating-rate senior secured guaranteed notes in four tranches with eight-, nine-, 10- and 15-year maturities;
£115 million of floating-rate senior secured guaranteed notes in two tranches with nine- and 15-year maturities;
Proceeds for intra-group lending and to refinance debt;
London-based port operator.
August 5
SAN JOSE WATER CO.:
$50 million of 5.14% senior notes, series L, due 2044;
Purchasers are John Hancock Life Insurance Co. (U.S.A.) and John Hancock Life Insurance Co. of New York;
The notes have a make-whole call at Treasuries plus 50 basis points;
A wholly owned subsidiary of SJW Corp., an investor-owned public utility based in San Jose, Calif.
August 15
PORTLAND GENERAL ELECTRIC CO.:
$100 million 4.39% first mortgage bonds due 2045;
Sold to institutional investors;
Sale subject to company meeting certain earnings coverage and security provisions;
Portland, Ore.-based energy provider.
SOUTH JERSEY INDUSTRIES, INC.:
$30 million of 3.05% senior notes, series 2014A-2, due Aug. 15, 2019;
Purchasers include Metropolitan Life Insurance Co., Axis Reinsurance Co., Northwestern Mutual Life Insurance Co. and Woodmen of the World Life Insurance Society;
Hammonton, N.J.-based publicly held energy services holding company for a natural gas utility and other non-regulated companies.
August 22
INTERNATIONAL TRANSMISSION CO.:
$25 million of 4.27% first mortgage bonds, series F, due 2044;
Proceeds to refinance debt, to partially fund capital expenditures or for general corporate purposes;
Subsidiary of ITC Holdings Corp., a Novi, Mich.-based independent electric transmission company.
September 3
ENERPLUS CORP.:
$200 million of 3.79% senior notes with a 12-year amortizing term and a 10-year average life;
Proceeds to repay debt;
Citigroup Global Markets Inc. acted as the placement agent;
Calgary, Alta.-based energy company.
OAKTREE CAPITAL MANAGEMENT, LP:
$50 million of 3.91% senior notes, series A, due Sept. 3, 2024;
$100 million of 4.01% senior notes, series B, due Sept. 3, 2026;
$100 million of 4.21% senior notes, series C, due Sept. 3, 2029;
Proceeds will be used for working capital and general corporate purposes;
The notes have a make-whole call at Treasuries plus 50 basis points;
Subsidiaries Oaktree Capital I, LP, Oaktree Capital II, LP and Oaktree AIF Investments, LP are guarantors;
Purchasers include MetLife Insurance KK, Northwestern Mutual Life Insurance Co., American General Life Insurance Co., Massachusetts Mutual Life Insurance Co., ING Life Insurance and Annuity Co., MTL Insurance Co., Blue Cross and Blue Shield of Florida, Inc., Fidelity Life Assoc., Minnesota Life Insurance Co., AXA Equitable Life Insurance Co., Gerber Life Insurance Co., Horizon Blue Cross Blue Shield of New Jersey, Connecticut General Life Insurance Co. and Phoenix Life Insurance Co.;
Los Angeles-based asset management firm.
September 15
FORTIS INC.:
$287 million of senior notes priced on March 28;
Weighted average term to maturity of about 11 years;
Weighted average coupon rate of 3.85%;
Via Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC as joint placement agents;
Proceeds to refinance debt, including the $150 million of 5.74% senior notes maturing on Oct. 30, 2014 and C$125 million of 5.56% debentures of a subsidiary maturing on Sept. 15, 2014, and for general corporate purposes, including the repayment of U.S.-dollar drawings on the companys committed credit facility;
St. Johns, Newfoundland-based investor-owned gas and electric distributor.
September 16
ALLETE, INC.:
$60 million of 3.02% bonds due Sept. 15, 2021;
$50 million of 3.74% bonds due Sept. 15, 2029;
$50 million of 4.39% bonds due Sept. 15, 2044;
Proceeds to fund utility capital expenditures and/or for general corporate purposes;
Duluth, Minn.-based energy services provider.
September 19
METTLER-TOLEDO INTERNATIONAL INC.:
$125 million of 3.84% series 2014-A notes due Sept. 19, 2024;
The notes have a make-whole call exercisable at any time at Treasuries plus 50 basis points;
Proceeds may be used to refinance debt and for other general corporate purposes;
Purchasers include Teachers Insurance and Annuity Association of America, Massachusetts Mutual Life Insurance Co., Banner Life Insurance Co., MassMutual Asia Ltd., Connecticut General Life Insurance Co., Cigna Life Insurance Co. of New York, Life Insurance Co. of North America and HealthSpring of Tennessee, Inc.;
Columbus, Ohio-based supplier of precision instruments and services.
September 26
SOUTH JERSEY INDUSTRIES, INC.:
$50 million of 3.05% senior notes, series 2014A-3, due Sept., 26. 2019;
$60 million of floating-rate senior notes, series 2013B-2, due Sept., 26. 2019;
Purchasers include Metropolitan Life Insurance Co., Axis Reinsurance Co., Northwestern Mutual Life Insurance Co. and Woodmen of the World Life Insurance Society;
Hammonton, N.J.-based publicly held energy services holding company for a natural gas utility and other non-regulated companies.
October 1
BLACK HILLS CORP. SUBSIDIARY BLACK HILLS POWER INC.:
$85 million of 4.43% first mortgage bonds series AG, due Oct. 22, 2024;
Proceeds to provide permanent financing for the construction of the Cheyenne Prairie Generating Station;
Purchasers include New York Life Insurance Co., New York Life Insurance and Annuity Corp., Teachers Insurance and Annuity Association of America, John Hancock Life Insurance Co. (U.S.A.), John Hancock Life & Health Insurance Co., John Hancock Life Insurance Co. of New York and United of Omaha Life Insurance Co.;
Rapid City, S.D.-based energy company.
BLACK HILLS CORP. SUBSIDIARY CHEYENNE LIGHT, FUEL AND POWER CO.:
$75 million of 4.53% first mortgage bonds series 2014, due Oct. 22, 2024;
Proceeds to provide permanent financing for the construction of the Cheyenne Prairie Generating Station;
Purchasers include New York Life Insurance Co., New York Life Insurance and Annuity Corp., Teachers Insurance and Annuity Association of America, John Hancock Life Insurance Co. (U.S.A.), John Hancock Life & Health Insurance Co., John Hancock Life Insurance Co. of New York, Mutual of Omaha Insurance Co., United of Omaha Life Insurance Co. and American Equity Investment Life Insurance Co.;
Rapid City, S.D.-based energy company.
STAG INDUSTRIAL, INC.:
$50 million of 4.98% 10-year senior notes, series A
The notes have a make-whole call at Treasuries plus 50 basis points;
Purchasers include American Republic Insurance Co.; United Insurance Co. of America; Mutual Savings Life Insurance Co.; Catholic United Financial; Catholic Life Insurance Union; Colorado Bankers Life Insurance Co.; Farm Bureau Life Insurance Co. of Michigan; Fidelity Life Association; Dearborn National Life Insurance Co.; Great Western Insurance Co.; MTL Insurance Co.; Trustmark Insurance Co.; Vantis Life Insurance Co.; Allianz Life Insurance Co. of North America; AXA Equitable Life Insurance Co.; MONY Life Insurance Co. of America; The Guardian Life Insurance Co. of America; The Guardian Insurance & Annuity Co., Inc.; and Prima Mortgage Investment Trust, LLC.
Boston-based real estate company.
October 15
PORTLAND GENERAL ELECTRIC CO.:
$100 million 4.44% first mortgage bonds due 2046;
Sold to institutional investors;
Sale subject to company meeting certain earnings coverage and security provisions;
Portland, Ore.-based energy provider.
November 17
PORTLAND GENERAL ELECTRIC CO.:
$80 million 3.51% first mortgage bonds due 2024;
Sold to institutional investors;
Sale subject to company meeting certain earnings coverage and security provisions;
Portland, Ore.-based energy provider.
June 25, 2015
METTLER-TOLEDO INTERNATIONAL INC.:
$125 million of 4.24% series 2014-A notes due June 25, 2025;
The notes have a make-whole call exercisable at any time at Treasuries plus 50 basis points;
Proceeds may be used to refinance debt and for other general corporate purposes;
Purchasers include Teachers Insurance and Annuity Association of America, Massachusetts Mutual Life Insurance Co., Banner Life Insurance Co., MassMutual Asia Ltd., Connecticut General Life Insurance Co., Cigna Life Insurance Co. of New York, Life Insurance Co. of North America and HealthSpring of Tennessee, Inc.;
Columbus, Ohio-based supplier of precision instruments and services.
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