Enterprise Inns talks £200 million secured notes due 2023 to yield 5 7/8%-6%; pricing Tuesday

By Paul A. Harris

Portland, Ore., Sept. 26 – Enterprise Inns plc talked its £200 million minimum offering of fixed-rate secured notes due October 2023 (/BB-/) to yield 5 7/8% to 6%, a market source said on Friday.

In a press release earlier in the week the company stated that it expected to pay interest at a minimum rate of 5¾%.

The notes are part of the financing for a tender offer for the company’s £600 million of 6½% secured bonds due 2018.

The bond deal is expected to price on Tuesday, pending results of the tender.

Deutsche Bank, Royal Bank of Scotland plc and Barclays are global coordinators for the Regulation S bond deal. BNP Paribas and Lloyds TSB are bookrunners.

The prospective issuer is a Solihull, England-based leased and tenanted pub company.

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