Published on 11/9/2010 in the Prospect News High Yield Daily.
New Issue: FCE Bank prices £400 million five-year notes at 99.168 to yield 5¼%
By Paul A. Harris
St. Louis, Nov. 9 - FCE Bank plc priced a £400 million issue of five-year notes (Ba2/BB-/BB-) at 99.168 to yield 5¼% on Tuesday, according to a market source.
The yield printed on top of the price talk.
Barclays Capital, BNP Paribas, HSBC and The Royal Bank of Scotland managed the quick-to-market deal.
The issuer is the European lending arm of Dearborn, Mich., automaker Ford Motor Co.
| Issuer: | FCE Bank
|
| Amount: | £400 million
|
| Proceeds: | £396.672 million
|
| Maturity: | Nov. 16, 2015
|
| Managers: | Barclays Capital, BNP Paribas, HSBC, The Royal Bank of Scotland
|
| Price: | 99.168
|
| Yield: | 5¼%
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Fitch: BB-
|
| Price talk: | 5¼% area
|
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