Enerflex starts roadshow for $625 million five-year secured notes; investor call Tuesday

By Paul A. Harris

Portland, Ore., Oct. 3 – Enerflex Ltd. began a roadshow on Monday for a $625 million offering of senior secured first lien, second out notes due October 2027 (expected ratings B2/BB-/BB-), according to market sources.

The deal was heard to be playing to $425 million of demand on Monday afternoon, a sellside source said.

The offering is set to officially kick off on a global investor conference call scheduled to begin at 12:30 p.m. ET on Tuesday.

The roadshow is expected to wrap up on Wednesday or Thursday, with the notes pricing thereafter.

Left bookrunner RBC will bill and deliver. Scotia and TD Securities are joint active bookrunners. ATB Capital Markets, BMO Capital Markets, CIBC Capital Markets and National Bank of Canada Financial Markets are the co-managers.

The Rule 144A and Regulation S for life five-year notes become callable after two years at par plus 75% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to refinance debt and fund a portion of the acquisition of Exterran Corp. into escrow.

Enerflex is a Calgary, Alta.-based publicly traded supplier of services to the power generation and gas production industries.

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