Jaguar Land Rover ups eight-year notes to £400 million; yield talk is 5% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Jan. 28 - Jaguar Land Rover (Ba2/BB) upsized its offering of non-callable eight-year senior notes to £400 million from £300 million, according to a market source.

The deal, which is talked to price with a yield in the 5% area, is expected to price Tuesday.

Physical bookrunner Deutsche Bank will bill and deliver. BofA Merrill Lynch, HSBC and Morgan Stanley are also joint physical bookrunners.

Credit Agricole CIB, Lloyds TSB and SG CIB are joint bookrunners.

The Whitley, England-based automobile manufacturer plans to use the proceeds to refinance debt.

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