New Issue: Jaguar Land Rover sells downsized €500 million 4½% bullet notes due 2026 at par

By Paul A. Harris

Portland, Ore., Sept. 11 – Jaguar Land Rover Automotive plc priced a downsized €500 million issue of senior bullet notes due Jan. 31, 2026 (Ba2/BB/BB+) at par to yield 4½% on Tuesday, according to a market source.

The issue size was decreased from €700 million.

The yield printed in the middle of yield talk in the 4½% area and at the wide end of initial guidance in the low to mid 4% area.

Physical bookrunner HSBC will bill and deliver. BNP Paribas, Deutsche Bank and Goldman Sachs International are also physical bookrunners.

The Coventry, U.K.-based automobile manufacturer plans to use the proceeds for general corporate purposes, which include supporting its growth and capital spending plans.

Issuer:	Jaguar Land Rover Automotive plc
Amount:	€500 million, decreased from €700 million
Maturity:	Jan. 31, 2026
Securities:	Senior notes
Physical bookrunners:	HSBC (bill and deliver), BNP Paribas, Deutsche Bank, Goldman Sachs International
Senior bookrunners:	BofA Merrill Lynch, Citigroup, Credit Agricole CIB, Credit Suisse, SG CIB and Standard Chartered Bank
Joint bookrunners:	Barclays, DBS Bank, Lloyds Bank Corporate Markets, Santander CIB
Coupon:	4½%
Price:	Par
Yield:	4½%
Call protection:	Par call three months prior to maturity, otherwise non-callable
Trade date:	Sept. 11
Ratings:	Moody's: Ba2
	S&P: BB
	Fitch: BB+
Price talk:	4½% area
Marketing:	Quick to market

© 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.