By Paul A. Harris
Portland, Ore., Jan. 28 - Jaguar Land Rover priced an upsized £400 million issue of non-callable eight-year senior notes (Ba2/BB/) at par to yield 5% on Tuesday, according to a market source.
The deal was upsized from £300 million.
The yield printed on top of yield talk.
Physical bookrunner Deutsche Bank will bill and deliver. BofA Merrill Lynch, HSBC and Morgan Stanley were also joint physical bookrunners.
Credit Agricole CIB, Lloyds TSB and SG CIB were non-physical bookrunners.
The Whitley, England-based automobile manufacturer plans to use the proceeds to refinance debt.
| Issuer: | Jaguar Land Rover Automotive
|
| Amount: | £400 million, increased from £300 million
|
| Maturity: | Feb. 15, 2022
|
| Securities: | Senior notes
|
| Physical bookrunners: | Deutsche Bank (bill and deliver), BofA Merrill Lynch, HSBC, Morgan Stanley
|
| Non-physical bookrunners: | Credit Agricole, Lloyds Bank, SG CIB
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 250 bps over Gilts
|
| Call protection: | Non-callable
|
| Trade date: | Jan. 28
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
