Published on 7/31/2014 in the Prospect News High Yield Daily.
New Issue: Grainger prices upsized £75 million more 5% notes due 2020 at 101.125
By Paul A. Harris
Portland, Ore., July 31 – Grainger plc priced an upsized £75 million add-on to its 5% guaranteed secured notes due Dec. 16, 2020 at 101.125 to yield 4.792% on Thursday, according to a market source.
The deal was upsized from £50 million.
Bookrunner HSBC will bill and deliver. Barclays, Lloyds, Royal Bank of Scotland and Santander were also bookrunners.
The Newcastle upon Tyne, England-based residential property management company plans to use the proceeds to repay bank debt.
| Issuer: | Grainger plc
|
| Amount: | £75 million, increased from £50 million
|
| Maturity: | Dec. 16, 2020
|
| Security description: | Add-on to 5% guaranteed secured notes due Dec. 16, 2020
|
| Bookrunners: | HSBC (bill and deliver), Barclays, Lloyds, Royal Bank of Scotland, Santander
|
| Coupon: | 5%
|
| Price: | 101.125
|
| Yield: | 4.792%
|
| Call protection: | Non-callable
|
| Trade date: | July 31
|
| Settlement date: | Aug. 7
|
| Distribution: | Regulation S only
|
| Marketing: | Quick to market
|
| Original issue: | £200 million
|
| Fungibility: | Add-on notes will be fungible with the original notes 40 days after settlement
|
| Total issue size: | £275 million
|
© 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.
