Jaguar Land Rover finalizes talk on €700 million bullet at 4½% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Sept. 11 – Jaguar Land Rover Automotive plc set final talk on its €700 million offering of senior bullet notes due January 2026 (expected ratings Ba2/BB) in the 4½% area, according to a market source.

Final talk comes at the wide end of initial guidance in the low to mid 4% area.

Books were scheduled to close at 11 a.m. ET on Tuesday, and the quick-to-market deal was set to price thereafter.

Physical bookrunner HSBC will bill and deliver. BNP Paribas, Deutsche Bank and Goldman Sachs International are also physical bookrunners.

BofA Merrill Lynch, Citigroup, Credit Agricole CIB, Credit Suisse, SG CIB and Standard Chartered Bank are senior bookrunners.

Barclays, DBS Bank, Lloyds Bank Corporate Markets and Santander CIB are joint bookrunners.

The Rule 144A and Regulation S notes become callable at par three months prior to maturity but are otherwise non-callable.

The Coventry, U.K.-based automobile manufacturer plans to use the proceeds for general corporate purposes, which include supporting its growth and capital spending plans.

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