Published on 11/2/2016 in the Prospect News High Yield Daily.
New Issue: Enterprise Inns prices upsized £250 million of 6 3/8% 5.25-year secured notes at par
By Paul Deckelman
New York, Nov. 2 – Enterprise Inns plc priced £250 million of 5.25-year secured bonds, high-yield syndicate sources said Wednesday, upsized from an originally announced £150 million.
The notes priced at par with a 6 3/8% coupon.
The deal was brought to market via joint global coordinators and joint bookrunners BNP Paribas and Lloyds Bank, along with joint bookrunners Deutsche Bank and the Royal Bank of Scotland.
Enterprise – a leased and tenanted pub company based in Solihull, England – announced on Oct. 24 that it would sell at least £150 million of the notes in connection with its tender offer for its £350.48 million of its 6½% secured bonds due 2018 remaining outstanding from the originally issued £600 million. The deadline for the tender was Oct. 28.
| Issuer: | Enterprise Inns plc
|
| Amount: | £250 million, upsized from £150 million
|
| Maturity: | Feb. 15, 2022
|
| Securities: | Secured bonds
|
| Bookrunners: | BNP Paribas, Lloyds Bank (global coordinators), Deutsche Bank, Royal Bank of Scotland
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call: | At Gilts plus 50 bps until Nov. 4, 2018, then at 103.1875, declining to 101.59375 in 2019 and par in 2020
|
| Rating: | S&P: BB-
|
| Announcement date: | Nov. 2
|
| Settlement date: | Nov. 4
|
|
|
|
|
© 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.
