Rolls-Royce mandates banks ahead of £1 billion equivalent multi-tranche offering of bullet notes

By Paul A. Harris

Portland, Ore., Oct. 5 – Rolls-Royce plc mandated BNP Paribas, Citigroup and Goldman Sachs as global coordinators and joint bookrunners for a £1 billion equivalent minimum offering of medium-term senior bullet notes in dollar, euro and sterling denominations, according to a market source.

The prospective issuer is targeting tranches of long five-year notes, which would mature in 2026, and straight seven-year maturities, which would mature in 2027.

A roadshow is set to begin Tuesday and run through Friday.

BNP and Goldman Sachs will coordinate European logistics. Citigroup will coordinate logistics in the United States.

Proceeds from the Rule 144A and Regulation S deal, together with a rights issue, will be used to enhance liquidity headroom, for general corporate purposes and to repay upcoming maturities, including $500 million 2 3/8% notes due October 2020, €750 million 2 1/8% notes due June 2021 and £300 million commercial paper due March 2021.

Rolls-Royce is a Manchester, England-based engineering company.

© 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.