Chicago, July 25 – Heritage Petroleum Co. Ltd. listed its $500 million of 9% senior secured notes due 2029, according to an offering memorandum.
The notes are guaranteed by sole shareholder Trinidad Petroleum Holdings Ltd.
The notes priced at 99.929.
Before the third anniversary, the notes will have an optional make-whole call at Treasuries plus 50 basis points. Starting with the first call date, the notes can be redeemed at par plus half the coupon. Then in year four, they can be redeemed at 102.25. And, finally in year five and going forward, they can be redeemed at par.
Credit Suisse was the global coordinator and joint bookrunner.
Scotiabank was a joint bookrunners.
Proceeds will be used to repay in full all outstanding loans and pay the consideration of a tender offer for the company’s notes and repay approximately $30 million in Petrotrin’s contractor debt.
Listing is on the Luxembourg Stock Exchange.
Based in Port of Spain, Trinidad and Tobago, Heritage is engaged in exploration, development, production and marketing of crude oil.
| Issuer: | Heritage Petroleum Co. Ltd.
|
| Guarantor: | Trinidad Petroleum Holdings Ltd.
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| Amount: | $500 million
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| Issue: | Senior secured notes
|
| Maturity: | Aug. 12, 2029
|
| Bookrunners: | Credit Suisse and Scotiabank
|
| Co-managers: | First Citizens Bank and JMMB Investments
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Paul Hastings LLP, J.D. Sellier + Co.
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| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP, Johnson Camacho & Singh
|
| Coupon: | 9%
|
| Price: | 99.929
|
| Call features: | Make-whole call at Treasuries plus 50 bps until third year; year three at 104.5; year four at 102.25; starting in year five at par
|
| Change of control: | At 101
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| Listing date: | May 12
|
| Announcement date: | July 7
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Cusip: | 42727GAA6
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