By Paul A. Harris
St. Louis, Oct. 28 - R&R Ice Cream plc priced an upsized €350 million issue of seven-year senior secured notes (B2/BB/) at par to yield 8 3/8% on Thursday, according to a market source.
The yield printed at the tight end of the 8½% area price talk.
Barclays Capital and Credit Suisse were the joint bookrunners for the issue, which was upsized from €280 million.
Proceeds will be used to refinance existing debt.
The company is based in Northallerton, England.
| Issuer: | R&R Ice Cream plc
|
| Amount: | €350 million, increased from €280 million
|
| Maturity: | Nov. 15, 2017
|
| Securities: | Senior secured notes
|
| Bookrunners: | Barclays Capital, Credit Suisse
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Call protection: | Three years
|
| Trade date: | Oct. 28
|
| Settlement date: | Nov. 5
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8½% area
|
| Marketing: | Roadshow
|
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