Ladbrokes talks £300 million seven-year notes at 5 1/8% yield

By Paul Deckelman

New York, Nov. 2 – Ladbrokes Group Finance plc’s planned £300 million offering of seven-year notes (anticipated ratings BB/BB) is expected to price to yield 5 1/8%, high-yield syndicate sources said on Wednesday.

The deal, which surfaced on the radar screens at the end of last week, is being brought to market via active bookrunners Barclays, which will handle billing and delivery, Lloyds Bank, MUFG and RBS Securities Inc. plus joint bookrunner Mediobanca SpA.

The notes are being offered only under Regulation S and can be redeemed via a make-whole call at Treasuries plus 50 basis points. They will be ranked pari passu with all existing unsubordinated and unsecured debt.

Ladbrokes – a London-based betting and gaming company – plans to use the new-deal proceeds to refinance bank debt facilities put in place to support its planned merger of industry rival Gala Coral Group plc, based in Nottingham, England.

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