By Aleesia Forni
Virginia Beach, May 14 - Signet UK Finance plc was in Wednesday's market with a $400 million offering of 4.7% bonds (Ba1/BBB-/BBB-) due 2024 sold with a spread of Treasuries plus 220 basis points, according to an informed source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 99.599 to yield 4.75%.
The joint bookrunners were J.P. Morgan Securities LLC, Fifth Third Securities and PNC Capital Markets LLC.
Proceeds will be used to pay a portion of the company's proposed acquisition of Zale Corp.
The notes will be guaranteed by Signet Jewelers Ltd., a specialty retail jeweler based in Hamilton, Bermuda.
| Issuer: | Signet UK Finance plc
|
| Guarantor: | Signet Jewelers Ltd.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, Fifth Third Securities, PNC Capital Markets LLC
|
| Co-managers: | HSBC Securities (USA) Inc., RBS Securities Inc.
|
| Coupon: | 4.7%
|
| Price: | 99.599
|
| Yield: | 4.75%
|
| Spread: | Treasuries plus 220 bps
|
| Trade date: | May 14
|
| Settlement date: | May 19
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | Treasuries plus 225 bps area
|
| Make-whole call: | Treasuries plus 35 bps prior to March 15, 2024, then callable at par
|
| Distribution: | SEC-registered
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