| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Rolls-Royce plc > News item |
Rolls-Royce upsizes to £1.5 billion; benchmark dollar, euro, sterling notes to price Wednesday
By Paul A. Harris
Portland, Ore., Oct. 13 – Rolls-Royce plc upsized its three-part multi-currency offering of senior bullet notes (Ba3/BB-/BB+) to £1.5 billion from £1 billion, providing details on the deal’s three benchmark tranches on Tuesday, according to a syndicate source.
A benchmark euro-denominated tranche of notes due February 2026 comes with initial price talk of 5% to 5¼%.
A benchmark sterling-denominated tranche of notes due October 2027 comes with initial talk in the 6¼% area.
A benchmark dollar-denominated tranche of notes due October 2027 also comes with initial talk in the 6¼% area.
The Rule 144A and Regulation S for life deal is set to price on Wednesday.
Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver for the euro-denominated notes. Joint global coordinator and joint bookrunner Citigroup will bill and deliver for the dollar-denominated notes. Joint global coordinator and joint bookrunner Goldman Sachs will bill and deliver for the sterling-denominated notes.
The notes in all three tranches feature par calls three months prior to the respective maturities but are otherwise non-callable.
Proceeds, 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. The additional proceeds resulting from the £500 million upsizing of the deal will be used for general corporate purposes and may also be used to reduce any potential future increase in the United Kingdom Export Finance loan.
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.