By Paul A. Harris
St. Louis, Dec. 11 - Infinis plc priced a £275 million issue of five-year senior notes (B1/B+/) at par to yield 9 1/8% on Friday, according to an informed source.
The yield printed tight to the 9¼% area price talk.
Deutsche Bank Securities and JPMorgan are joint bookrunners for the Rule 144A and Regulation S offering.
Proceeds will be used to refinance debt, to fund shareholder loans and for general corporate purposes.
Infinis is a Northampton, England-based renewable energy generating company.
| Issuer: | Infinis plc
|
| Amount: | £275 million
|
| Maturity: | Dec. 15, 2014
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities, JPMorgan
|
| Coupon: | 9 1/8%
|
| Price: | Par
|
| Yield: | 9 1/8%
|
| Spread: | 647 bps
|
| Call protection: | Make-whole call at Gilts plus 50 bps for first 2.5 years, then callable at 103 for six months, then 101, then par
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9¼% area
|
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