First HY debut since virus crisis buoyed by oil storage boom

By Owen Sanderson
14 May 2020

Rubis Terminal made the first European high yield debut since the start of the coronavirus crisis, issuing a new €410m bond to fund a minority investment buyout by infrastructure specialist I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.

JP Morgan led the five year non-call two offering as the sole physical bookrunner, alongside Crédit Agricole as a joint global co-ordinator and Société Générale as a joint bookrunner.

The company is a subsidiary of listed French energy distributor Rubis, which operates the group’s storage facilities at major ...

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