Arqiva firms talk on £600 million notes at 9½%, pulls dollar tranche; pricing expected Thursday

By Paul A. Harris

Portland, Ore., Feb. 21 - England's Arqiva Broadcast Finance plc firmed pricing on its £600 million offering of seven-year senior notes (B3) at 9½% on Thursday, according to a market source.

The revised talk is at the tight end of the 9½% to 9¾% yield talk that surfaced on Wednesday.

The deal is expected to price on Thursday.

Meanwhile a proposed dollar-denominated tranche of notes, with had been talked to yield 9¼% to 9½%, has been withdrawn from the market.

Deutsche Bank, J.P. Morgan Securities LLC and Royal Bank of Scotland are the physical bookrunners. Royal Bank of Scotland will bill and deliver.

BofA Merrill Lynch, Barclays, HSBC, Lloyds TSB and UBS are joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

Proceeds will be used to refinance bank debt.

Arqiva is a Winchester, England-based provider of broadcast infrastructure.

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