By Paul A. Harris
Portland, Ore., May 3 - New Look Retail Group Ltd. completed its £809 million equivalent three-part offering of five-year senior secured notes (B1/B-/B) on Friday, according to a market source.
The deal included £500 million of fixed-rate notes, which priced at par to yield 8¾%.
The deal also included $250 million of fixed-rate notes, which priced at par to yield 8 3/8%.
Finally, a €175 million tranche of floating-rate notes priced at par to yield three-month Euribor plus 625 basis points.
All three tranches priced 12.5 bps inside of price talk.
Goldman Sachs International and JPMorgan were the joint global coordinators and joint bookrunners.
Deutsche Bank, HSBC, Lloyds Bank and Royal Bank of Scotland were also joint bookrunners.
Goldman Sachs will bill and deliver.
Proceeds will be used to repay senior and mezzanine debt and to repay PIK loans.
The issuing entity is New Look Bondco I plc, a financing unit of the Weymouth, England-based apparel and footwear retailer.
| Issuer: | New Look Bondco I plc (New Look Retail Group Ltd.)
|
| Amount: | £809 million equivalent
|
| Maturity: | May 14, 2018
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Goldman Sachs International (bill and deliver), JPMorgan
|
| Joint bookrunners: | Goldman Sachs, JPMorgan, Deutsche Bank, HSBC, Lloyds, Royal Bank of Scotland
|
| Trade date: | May 3
|
| Settlement date: | May 14
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Sterling-denominated fixed-rate notes
|
| Amount: | £500 million
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 812 bps
|
| First call: | May 14, 2015 at 104.375
|
| Price talk: | 9% area
|
|
|
| Dollar-denominated fixed-rate notes
|
| Amount: | $250 million
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | 772 bps
|
| First call: | May 14, 2015 at 104.1875
|
| Price talk: | 8 5/8% area
|
|
|
| Floating-rate notes
|
| Amount: | €175 million
|
| Coupon: | Three-month Euribor plus 625 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 625 bps
|
| First call: | May 14, 2015 at 101
|
| Price talk: | Euribor plus 650 bps
|
© 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.
