Terminal Investment docks into US PP mart for euros and dollars
Terminal Investment Limited (TIL), a port operator headquartered in the Netherlands with terminals in 21 countries, has launched a US private placement (US PP) transaction in euros and dollars.
The initial target volume is $300m-equivalent, across seven, 10, 12 and 15 year maturities.
“Judging by the reception Terminal got last year, as well as how well attended the roadshow was, I expect this trade to go well,” said one US PP investor in London, who is not participating himself. “It gives a good spread over typical PP borrowers, so quite a few investors will be interested.”
Citi and NatWest arranged a transaction for TIL roughly this time last year, placing around $853m-equivalent in euros and dollars.
There was a $100m seven year note with a 4.97% coupon, a $175m 10 year note with a 5.1% coupon and a $175m 12 year with a 5.2%. coupon. There were €180m 12 and 15 year euro notes paying 2.83% and 3.07% respectively.