By Lisa Kerner
Charlotte, N.C., Nov. 19 - Spotless Group Ltd. expects to issue $160 million of guaranteed senior notes in the U.S. private placement market during December.
The notes will be issued in three tranches:
• $50 million of 4.56% fixed-rate notes with a 12-year maturity;
• $50 million of 4.81% fixed-rate notes with a 15-year maturity; and
• $60 million of 5.99% fixed-rate notes with a 20-year maturity.
The weighted average maturity is 15.9 years, and weighted average coupon is 5.17%, according to a company news release.
Spotless said the purpose of the issue is to repay committed bank debt, lower refinancing risk and rebalance and extend the maturity profile of its debt facilities.
Proceeds will be swapped from U.S. dollars into Australian dollars at the time the notes are issued.
Once the transaction is completed, Spotless will have $290 million of U.S. private placement notes at fixed interest rates with maturities ranging from 2013 to 2030.
Melbourne, Australia-based Spotless provides asset and facilities management, cleaning, food catering and other services.
| Issuer: | Spotless Group Ltd.
|
| Issue: | Guaranteed senior notes
|
| Amount: | $160 million
|
| Settlement: | December
|
| Distribution: | Private placement
|
|
|
| Tranche 1
|
| Amount: | $50 million
|
| Maturity: | 12 years
|
| Coupon: | 4.56%
|
|
|
| Tranche 2
|
| Amount: | $50 million
|
| Maturity: | 15 years
|
| Coupon: | 4.81%
|
|
|
| Tranche 3
|
| Amount: | $60 million
|
| Maturity: | 20 years
|
| Coupon: | 5.99%
|
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