By Paul A. Harris
Portland, Ore., Feb. 21 - England's Arqiva Broadcast Finance plc priced a £600 million issue of seven-year senior notes (B3//B-) at par to yield 9½% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 9½% to 9¾% yield talk.
A proposed dollar-denominated tranche of notes, with had been talked to yield 9¼% to 9½%, was withdrawn from the market.
Deutsche Bank, J.P. Morgan Securities LLC and Royal Bank of Scotland were the physical bookrunners. Royal Bank of Scotland will bill and deliver.
BofA Merrill Lynch, Barclays, HSBC, Lloyds TSB and UBS were joint bookrunners.
Proceeds will be used to refinance bank debt.
Arqiva is a Winchester, England-based provider of broadcast infrastructure.
| Issuer: | Arqiva Broadcast Finance plc
|
| Amount: | £600 million
|
| Maturity: | March 31, 2020
|
| Securities: | Senior notes
|
| Bill and deliver: | Royal Bank of Scotland
|
| Physical bookrunners: | Deutsche Bank, J.P. Morgan Securities LLC, Royal Bank of Scotland
|
| Joint bookrunners: | BofA Merrill Lynch, Barclays, HSBC, Lloyds TSB, UBS
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 798 bps
|
| First call: | March 31, 2016 and 107.125
|
| Trade date: | Feb. 21
|
| Settlement date: | Feb. 28
|
| Ratings: | Moody's: B3
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% to 9¾%
|
| Marketing: | Roadshow
|
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