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June 9, 2016

Deals this week: Suncor Energy, ContourGlobal, TenneT Holding, and CTG

Suncor Energy has announced its intention to finance the acquisition of a further 5% interest in the Syncrude joint venture (JV), as well as reducing its existing debts and funding future transactions by issuing 71,500,000 shares in a public offering.

Suncor Energy has announced its intention to finance the acquisition of a further 5% interest in the Syncrude joint venture (JV), as well as reducing its existing debts and funding future transactions by issuing 71,500,000 shares in a public offering.

Each share is priced at C$35 ($27.08), which will enable the company to raise C$2.5bn ($1.94bn).

Expected to close on 22 June 2016, the offer is being made through a group of underwriters led by TD Securities, CIBC Capital Markets, and J.P. Morgan Securities Canada. An over-allotment option will be available to purchase up to an additional 10,700,000 shares, which if opted would increase the overall proceeds to C$2.9bn ($2.25bn).

ContourGlobal has agreed to issue senior secured notes due 2021 on a private placement basis.

The offer is expected to raise €550m ($625.08m), which will be used to refinance the company’s debts and fund its senior secured notes due 2019, including the fees and expenses incurred with the offer.

TenneT Holding has announced that it has launched and priced a €1bn ($1.135bn) dual-tranche bond issue.

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Both the 10-year and 20-year bonds were sized at €500m ($568m) each, with a coupon rate of 1.000% and 1.875% respectively. The proceeds will be used to fund the development of four offshore-to-onshore transmission projects.

TenneT was offered financial advice by Barclays Bank, BNP Paribas, Deutsche Bank, ABN AMRO Bank, and SMBC Nikko Capital Markets for the offer.

China Three Gorges Corporation (CTG) has successfully completed the private placement of 3.78% unsecured medium-term notes to four qualified investors. The notes were priced at CNY100 ($15.22) each and will raise gross proceeds of CNY2bn ($304.36m).

The Agricultural Bank of China acted as underwriter and book-runner to the investors, whereas Citic Securities was the underwriter to CTG.

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