By Paul A. Harris
Portland, Ore., Sept. 14 – Arqiva Broadcast Finance plc price a £625 million issue of five-year senior notes (expected B2//confirmed B-) at par to yield 6¾% on Friday, according to market sources.
The yield printed 12.5 basis points inside of official price talk in the 7% area, according to a London-based sellside source.
Physical bookrunner BofA Merrill Lynch will bill and deliver for the Regulation S offering. HSBC is also a physical bookrunner. Deutsche Bank, ING and Lloyds are bookrunners.
The Winchester, England-based provider of broadcast infrastructure plans to use the proceeds to refinance its existing £600 million senior notes due 2020.
| Issuer: | Arqiva Broadcast Finance plc
|
| Amount: | £625 million
|
| Maturity: | Sept. 30, 2023
|
| Securities: | Senior notes
|
| Physical bookrunners: | BofA Merrill Lynch (bill and deliver), HSBC
|
| Bookrunners: | Deutsche Bank, ING, Lloyds
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call protection: | Two years
|
| Trade date: | Sept. 14
|
| Ratings: | Moody's: Expected B2
|
| Fitch: B-
|
| Distribution: | Regulation S
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
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