Published on 2/7/2007 in the Prospect News High Yield Daily.
New Issue: Ford's FCE Bank prices £750 million 7 7/8% four-year notes at mid-swaps plus 205 bps
By Paul A. Harris
St. Louis, Feb. 7 - FCE Bank plc, the U.K.-based financing unit of Ford Motor Co., priced a £750 million issue of 7 7/8% four-year notes (B1/B+/BB-) at a 205 basis points spread to mid-swaps on Tuesday, according to an informed source.
The notes were sold at a dollar price of 99.773 resulting in a yield to maturity of 7.79%.
Credit Suisse, Deutsche Bank and Merrill Lynch & Co. were joint bookrunners.
| Issuer: | FCE Bank plc
|
| Amount: | £750 million
|
| Maturity: | Feb. 15, 2011
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Merrill Lynch & Co.
|
| Coupon: | 7 7/8%
|
| Issue price: | 99.773
|
| Yield: | 7.79%
|
| Spread to mid-swaps: | 205 bps
|
| Spread to gilts: | 242.2 bps
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 15
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
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