Rubis Terminal, a leading independent storage provider specializing in the storage and handling of bulk liquid products and commodities, announced the pricing of its parent company Rubis Terminal Infra’s offering of €410 million in aggregate principal amount of 5.625% Senior Secured Notes due 2025. The issuance of the notes, which closed on May 19, 2020, represents the first issuance of high yield bonds by a first-time issuer in Europe since the outbreak of the COVID-19 crisis.
The offering was conducted in connection with the sale of a minority interest in Rubis Terminal by French listed company Rubis SCA to the investment fund I Squared Capital, and the refinancing of certain existing debt facilities. The financing also included a €75 million super senior revolving credit facility.
Latham & Watkins advised J.P. Morgan, Crédit Agricole and Société Générale in connection with the financing, with a Paris-based capital markets team led by Thomas Margenet-Baudry, partner, with Michael Ettannani, counsel, and Pierre Brûlé, associate, and a Paris-based finance team led by Xavier Farde, partner, with associates Aurélie Buchinet and Virginie Terzic.