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David Lloyd starts roadshow for £645 million fixed-rate, €300 million floating-rate notes
By Paul A. Harris
Portland, Ore., June 1 – David Lloyd Leisure began marketing two tranches of six-year senior secured notes (expected ratings B3/B+) on Tuesday, according to a market source.
The deal features £645 million of fixed-rate notes with two years of call protection, initial guidance 5¾% to 6%.
The offering also features €300 million of floating-rate notes with one year of call protection, initial talk Euribor plus 500 basis points, no Libor floor, at OID 99.5.
The Rule 144A and Regulation S deal, which was scheduled to kick off on a Tuesday conference call with investors, will be marketed by means of one-on-one investor calls set to take place through Thursday and to price thereafter.
Bookrunner Barclays will bill and deliver.
The issuing entity will be Deuce FinCo.
TDR Capital is the sponsor of David Lloyd Leisure.
The Hatfield, U.K.-based health club chain plans to use the proceeds to repay debt and for general corporate purposes, including working capital, capital expenditures and strategic acquisitions.
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