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Terminal Investment docks into US PP mart for euros and dollars

By Silas Brown
24 Apr 2019

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.

Citi and NatWest Markets are the agents and have held roadshows in New York and London, according to people familiar with the deal.

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.  

By Silas Brown
24 Apr 2019