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England's Equiniti sets talk for £440 million two-part offering of secured notes
By Paul A. Harris
Portland, Ore., May 22 - Financial services provider Equiniti set price talk for its £440 million two-part offering of 5.5-year notes (B3/B), according to a market source.
A tranche of floating-rate notes, targeted in size at £175 million to £200 million, is talked at a 550 basis points spread to Libor. The floating-rate notes come with one year of call protection.
The remainder of the deal is expected to come in the form of fixed-rate notes, which are talked to yield 6¾% to 7%. The fixed-rate notes come with two years of call protection.
Books close at 5 a.m. ET, 10 a.m. BST, on Thursday, and the deal is set to price thereafter.
JPMorgan, Lloyds TSB and Citigroup are the leads for the Rule 144A and Regulation S for life deal.
Proceeds will be used to repay bank debt.
The prospective issuer is based in Lancing, England.
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