By Paul A. Harris
Portland, Ore., Jan. 29 - HSS Financing plc priced a £200 million issue of 51/2-year senior secured notes (B2/B/) at par to yield 6¾% on Wednesday, according to a market source.
The yield printed on top of yield talk.
JPMorgan, Barclays and HSBC are the joint bookrunners for the Rule 144A and Regulation S for life offering.
Proceeds will be used to repay borrowings under the company's senior credit facility and revolver and to repay part of a shareholder loan.
HSS Financing is a subsidiary of HSS Hires Services Group, a Heathrow, England-based tool and equipment rental company that operates in Ireland and the United Kingdom.
| Issuer: | HSS Financing plc
|
| Amount: | £200 million
|
| Maturity: | Aug. 1, 2019
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan, Barclays, HSBC
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 489 bps
|
| First call: | Feb. 1, 2016 at 103.375
|
| Equity clawback: | 35% at 106.75 until Feb. 1, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 6
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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