By Paul A. Harris
Portland, Ore., June 19 – R&R Ice Cream plc priced €255 million equivalent of senior secured notes due May 15, 2020 (expected ratings B2/B) in two par-pricing tranches on Thursday, according to a market source.
A €150 million tranche priced to yield at the tight end of the 4¾% to 5% at par price talk.
A A$152 million tranche priced to yield 8¼%. The yield came 12.5 basis points inside of yield talk in the 8½% area. The reoffer price came on top of price talk.
Joint bookrunner Credit Suisse will bill and deliver for the Rule 144A and Regulation S for life deal. Barclays is also a joint bookrunner. JPMorgan and MCS Capital Markets are bookrunners.
The notes become callable on May 15, 2016.
The maturity and call dates are equivalent to the existing senior secured notes.
Proceeds, together with shareholder funding provided by PAI Partners SAS and certain other investors, will be used to finance the acquisition of Peters Food Group Ltd.
R&R Ice Cream is a Leeming Bar, England, ice cream manufacturer.
| Issuer: | R&R Ice Cream plc
|
| Amount: | €255 million equivalent
|
| Maturity: | May 15, 2020
|
| Securities: | Senior secured notes
|
| Joint bookrunners: | Credit Suisse (bill and deliver), Barclays
|
| Bookrunners: | JPMorgan MCS Capital Markets
|
| Trade date: | June 19
|
| Settlement date: | June 26
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Euro-denominated notes
|
| Amount: | €150 million
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 422 bps
|
| First call: | May 15, 2016 at 102.375
|
| Price talk: | 4¾% to 5% at par
|
|
|
| Australian dollar notes
|
| Amount: | A$152 million
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 505 bps
|
| First call: | May 15, 2016 at 104.125
|
| Price talk: | 8½% area at par
|
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