By Paul Deckelman
New York, July 26 - DSG International plc priced £150 million of 8¾% five-year guaranteed notes at 99.007 to yield 9% on Friday, according to market sources.
Some details of the issuance were reported 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 bookrunners 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
|
| Face amount: | £150 million
|
| Proceeds: | £148.5 million (approximate)
|
| Maturity: | August 3, 2015
|
| Securities: | Guaranteed notes
|
| Bookrunners: | Barclays Capital, BNP Paribas, Citigroup, HSBC, Royal Bank of Scotland
|
| Coupon: | 8¾%
|
| Price: | 99.007
|
| Yield: | 9%
|
| Call features: | Make-whole call at Gilts plus 50 bps
|
| Distribution: | Regulation S
|
| Trade date: | July 23
|
| Settlement date: | July 30
|
| Price talk: | 9% to 9¼%
|
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