By Paul A. Harris
Portland, Ore., March 1 - DFS Furniture Holdings priced £310 million of 51/2-year senior secured notes (B2/B/) in two tranches on Friday, a market source said.
A £200 million tranche of fixed-rate notes priced at par to yield 7 5/8%. The yield printed at the tight end of yield talk that was set in the 7¾% area.
In addition a £110 million tranche of floating-rate notes priced at par to yield three-month Libor plus 600 basis points. The Libor spread came on top of spread talk. The reoffer price came at the rich end of the 99.5 to par price talk.
Joint physical bookrunner Goldman Sachs will bill and deliver. JPMorgan was also a joint physical bookrunner.
Lloyds TSB was a joint bookrunner.
Proceeds will be used to repay debt and fund a dividend.
The Doncaster, England-based furniture retailer specializes in upholstered furnishings.
| Issuer: | DFS Furniture Holdings plc
|
| Amount: | £310 million
|
| Maturity: | Aug. 15, 2018
|
| Securities: | Senior secured notes
|
| Joint physical bookrunners: | Goldman Sachs (bill and deliver), JPMorgan
|
| Joint bookrunner: | Lloyds TSB
|
| Trade date: | March 1
|
| Settlement date: | March 8
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | £200 million
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | 661 bps
|
| Call protection: | Two years
|
| Price talk: | 7¾% area
|
|
|
| Floating-rate notes
|
| Amount: | £110 million
|
| Coupon: | Three-month Libor plus 600 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 600 bps
|
| Call protection: | One year
|
| Price talk: | Three-month Libor plus 600 bps at 99.5 to par
|
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