Published on 7/28/2015 in the Prospect News High Yield Daily.
New Issue: House of Fraser prices £175 million Libor plus 575 bps five-year secured notes at 99
By Paul A. Harris
Portland, Ore., July 28 – House of Fraser (Funding) plc priced a £175 million issue of five-year floating-rate senior secured notes (B3/B) at 99 with a coupon of Libor plus 575 basis points on Tuesday, according to a market source.
The coupon and reoffer price came on top of price talk.
HSBC Bank was the bookrunner.
The London-based department store group plans to use the proceeds to refinance its existing senior secured notes and its revolver and for general corporate purposes.
| Issuer: | House of Fraser (Funding) plc
|
| Amount: | £175 million
|
| Maturity: | Sept. 15, 2020
|
| Securities: | Floating-rate senior secured notes
|
| Bookrunner: | HSBC Bank
|
| Coupon: | Three-month Libor plus 575 bps
|
| Price: | 99
|
| Call features: | Callable after Sept. 15, 2016 at 101, par on and after Sept. 15, 2017
|
| Change-of-control put: | 101%
|
| Trade date: | July 28
|
| Settlement date: | Aug. 11
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Libor plus 575 bps area at 99
|
| Marketing: | Roadshow
|
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