New Issue: Thomas Cook prices €525 million seven-year notes at par to yield 7¾%

By Paul A. Harris

Portland, Ore., May 23 - Thomas Cook Finance plc priced a €525 million issue of seven-year senior notes (expected ratings /B/B+) at par to yield 7¾% on Thursday, according to an informed source.

The yield printed in the middle of the 7 5/8% to 7 7/8% yield talk.

Barclays, BNP Paribas, Credit Suisse, DNB Markets, Jefferies, Lloyds Bank, SG CIB and Royal Bank of Scotland were the bookrunners.

Royal Bank of Scotland will bill and deliver.

The Melbourne, England-based travel services provider plans to use the proceeds to repay bank debt.

Issuer:	Thomas Cook Finance plc
Amount:	€525 million
Maturity:	June 15, 2020
Securities:	Senior notes
Bookrunners:	Barclays, BNP Paribas, Credit Suisse, DNB Markets, Jefferies, Lloyds Bank, SG CIB, Royal Bank of Scotland
Bill and deliver:	Royal Bank of Scotland
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Spread:	705 bps
First call:	June 15, 2016 at 103.875
Trade date:	May 23
Settlement date:	June 4
Expected ratings:	Standard & Poor's: B
	Fitch: B+
Distribution:	Rule 144A and Regulation S
Price talk:	7 5/8% to 7 7/8%
Marketing:	Roadshow

© 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.