Enerflex places multicurrency notes; Top Ships sells $12.5 million notes to Crede

By Devika Patel

Knoxville, Tenn., Dec. 15 – Details emerged Friday on four private placements of debt.

Enerflex Ltd., the Calgary, Alta.-based supplier of products and services to the oil and gas industry, raised $175 million and C$45 million in a four-tranche private placement of senior unsecured notes.

The $105 million seven-year first-tranche note accrues interest at 4.67% per year; the $70 million 10-year second-tranche note accrues interest at 4.87% per year; the C$15 million seven-year third-tranche note accrues interest at 4.5% per year; and the C$30 million 10-year fourth-tranche note accrues interest at 4.79% per year.

The placement was conducted on a best-efforts basis and co-led by CIBC World Markets Corp and TD Securities (USA) LLC.

Proceeds will be used to refinance debt.

Top Ships Inc., Maroussi, Greece-based provider of international seaborne transportation services, completed a $12.5 million private placement of two-year revolving promissory notes with Crede Capital Group LLC.

There are revolving options for two additional $5 million notes. The deal priced on Nov. 10.

Meanwhile, Kingspan Group plc agreed to a €225 million committed financing, comprised of €175 million private placement loan notes and a €50 million bilateral facility.

The company is a Kingscourt, Ireland, provider of energy building solutions.

Separately, Obendorf, Germany-based holding company H&K AG sold €60 million of 6½% senior notes due 2023.

H&K used the proceeds from the notes sale to repay a loan with Valletta Benefit Trust.

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