By Paul Deckelman
New York, July 23 - DSG International plc priced £150 million of five-year guaranteed notes to yield 9%, junk market sources said Friday.
The notes priced at the tight end of pre-deal market price talk envisioning a yield between 9% and 9¼%.
The bonds came to market after a brief roadshow in Europe which began Monday and wrapped up by Wednesday, according to the sources.
Barclays Capital, BNP Paribas, Citigroup, HSBC and Royal Bank of Scotland were the joint book runners for the Regulation S offering
The bonds came with a provision for a make-whole call at 50 basis points over Gilts.
DSG, a Hemel Hempstead, England-based electronics retailer, plans to use the proceeds to fund its tender offer for up to £140 million of the company's £300 million of outstanding 6 1/8% notes due 2012.
DSG said in a recent news release that the tender and the new issue are aimed at extending the company's debt maturity profile and enabling it to extend its £360 million revolving credit facility to August 2013 from August 2012.
| Issuer: | DSG International plc
|
| Amount: | £150 million
|
| Maturity: | 2015
|
| Securities: | Guaranteed notes
|
| Bookrunners: | Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets, Inc., HSBC Securities, Royal Bank of Scotland
|
| Yield: | 9%
|
| Call features: | Make-whole call at Gilts + 50 bps
|
| Distribution: | Regulation S
|
| Price talk: | 9% to 9¼%
|
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