Published on 1/16/2015 in the Prospect News High Yield Daily.
New Issue: Thomas Cook prices €400 million notes due 2021 at par to yield 6¾%
By Paul A. Harris
Portland, Ore., Jan. 16 – Thomas Cook Finance plc priced a €400 million issue of senior notes due June 15, 2021 (/B/B+) at par to yield 6¾% on Friday, according to a market source.
The yield printed on top of yield talk.
Global coordinator Credit Suisse will bill and deliver. Royal Bank of Scotland was also a global coordinator. Barclays, BNP Paribas, CM-CIC Securities, DNB, Jefferies, KBC, Lloyds, Nordea and SG CIB were joint bookrunners.
The London-based travel company plans to use the proceeds to refinance debt.
| Issuer: | Thomas Cook Finance plc
|
| Amount: | €400 million
|
| Maturity: | June 15, 2021
|
| Securities: | Senior notes
|
| Global coordinators: | Credit Suisse (bill and deliver), Royal Bank of Scotland
|
| Joint bookrunners: | Barclays, BNP Paribas, CM-CIC Securities, DNB, Jefferies, KBC, Lloyds, Nordea, SG CIB
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 671 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 23
|
| Ratings: | Standard & Poor's: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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