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Jaguar Land Rover talks $500 million five-year notes to yield 7¾%-8%; pricing Wednesday
By Paul A. Harris
Portland, Ore., Oct. 7 – Jaguar Land Rover Automotive plc talked its $500 million offering of five-year guaranteed senior notes (B1/B) to yield 7¾% to 8%, according to market sources.
Books close at 2:30 p.m. ET on Wednesday.
Jaguar returns to the dollar-denominated high-yield market after abandoning its effort to place dollar-denominated notes in February, when it was swept up in the growing coronavirus alarm which was already impacting the British car-marker's supply chain, according to a bond trader.
Before it was overtaken by events, the February deal was expected to come with a 7%-handle yield, the trader said.
As with the previous deal BofA Securities is on the left, and will bill and deliver for Jaguar's present effort to raise capital in the dollar-denominated junk bond market.
Along with BofA, Citigroup, Goldman Sachs and JPMorgan are joint global coordinators.
Barclays, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC, Mizuho, Morgan Stanley, NatWest, ANZ, BofC, Credit Suisse, DBS, ICBC, ING, Lloyds, MUFG, Santander, Scotia, SG, SEB, Standard Chartered and UniCredit are joint bookrunners.
The Rule 144A and Regulation S for life notes come with two years of call protection.
The notes feature a springing lien to the extent that specified debt in excess of £400 million is secured by a lien on principal manufacturing property, capital stock of any manufacturing subsidiary or specified intellectual property prior to the second anniversary of the issue date.
The prospective issuer, a Coventry, U.K.-based holding company for carmaker Jaguar Land Rover Ltd., a subsidiary of Indian automotive company Tata Motors, plans to use the proceeds for general corporate purposes.
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