Published on 7/9/2021 in the Prospect News High Yield Daily.
New Issue: Jaguar prices $500 million 5½% notes and €500 million 4½% notes
By Paul A. Harris
Portland, Ore., July 9 – Jaguar Land Rover Automotive plc priced two tranches of senior notes (B1/B) on Friday, according to market sources.
Bookrunners were BNP Paribas, JPMorgan, BofA, Citigroup, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC, Barclays, Mizuho, Morgan Stanley, MUFG, NatWest, Santander, SG, Standard Chartered, ANZ, DBS, Lloyds and Scotia.
The deal featured $500 million of eight-year notes that priced at par to yield 5½%, in the middle of yield talk in the 5½% area. Initial guidance was in the mid-5% area. JPMorgan will bill and deliver.
The offering also featured €500 million of seven-year notes that priced at par to yield 4½%, at the tight end of the 4½% to 4¾% yield talk. Initial guidance was in the mid-4% area. BNP Paribas will bill and deliver for the euro-denominated notes.
The issuer, a Coventry, U.K.-based holding company for carmaker Jaguar Land Rover Ltd., a subsidiary of Indian automotive company Tata Motors, plans to use the proceeds for general corporate purposes.
| Issuer: | Jaguar Land Rover Automotive plc
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas, JPMorgan, BofA, Citigroup, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC, Barclays, Mizuho, Morgan Stanley, MUFG, NatWest, Santander, SG, Standard Chartered, ANZ, DBS, Lloyds and Scotia
|
| Trade date: | July 9
|
| Settlement date: | July 14
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Dollar notes
|
| Amount: | $500 million
|
| Maturity: | July 15, 2029
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 428 bps
|
| First call: | July 15, 2024 at 102.75
|
| Price talk: | 5½% area
|
| Bill and deliver: | JPMorgan
|
|
|
| Euro notes
|
| Amount: | €500 million
|
| Maturity: | July 15, 2028
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 498 bps
|
| First call: | July 15, 2024 at 102.25
|
| Price talk: | 4½% to 4¾%
|
| Bill and deliver: | BNP Paribas
|
|
|
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