By Paul A. Harris
Portland, Ore., Sept. 30 – Enterprise Inns plc priced £249,521,000 of nine-year fixed-rate secured notes (/BB-) at par to yield 6% on Tuesday, according to information reported by the company.
The yield printed at the wide end of the 5 7/8% to 6% yield talk, market sources said.
The announced deal size was £200 million minimum.
Barclays, Deutsche Bank AG, London Branch and Royal Bank of Scotland were the global coordinators. BNP Paribas and Lloyds were bookrunners.
The proceeds will be used to help fund the tender for £600 million of the company’s 6½% secured bonds due 2018.
The issuer is a Solihull, England-based leased and tenanted pub company.
| Issuer: | Enterprise Inns plc
|
| Amount: | £249,521,000, announced size was £200 million minimum
|
| Maturity: | October 2023
|
| Securities: | Fixed-rate secured notes
|
| Global coordinators: | Barclays, Deutsche Bank AG, London Branch, Royal Bank of Scotland
|
| Bookrunners: | BNP Paribas, Lloyds
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Trade date: | Sept. 30
|
| Rating: | Standard & Poor's: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 5 7/8% to 6%
|
| Marketing: | Roadshow
|
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