Published on 4/5/2024 in the Prospect News High Yield Daily.
New Issue: Motor Fuel Group prices £400 million secured notes at par to yield 8 5/8%
By Paul A. Harris
Portland, Ore., April 5 – Motor Fuel Group priced a £400 million issue of CD&R Firefly Bidco plc five-year senior secured notes (B2/B) at par to yield 8 5/8% on Friday, according to market sources.
The yield printed at the tight end of yield talk in the 8¾% area.
Deutsche Bank is handling billing and delivery. BNP Paribas, RBC Capital Markets, SMBC Nikko were the physical bookrunners. Barclays, BofA, Citigroup, Goldman Sachs, HSBC, ING, Lloyds, NatWest, Rabo, Santander and Societe Generale were also joint bookrunners.
The U.K.-based filling station company, sponsored by Clayton, Dubilier & Rice, plans to use the proceeds to help fund its acquisition of Morrisons' fuel forecourts.
| Issuer: | CD&R Firefly Bidco plc
|
| Amount: | £400 million
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| Securities: | Senior secured notes
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| Maturity: | April 30, 2029
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| Bookrunners: | Deutsche Bank (billing and delivery), BNP Paribas, RBC Capital Markets, SMBC Nikko (joint physical bookrunners), Barclays, BofA, Citigroup, Goldman Sachs, HSBC, ING, Lloyds, NatWest, Rabo, Santander, Societe Generale
|
| Coupon: | 8 5/8%
|
| Price: | Par
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| Yield: | 8 5/8%
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| Call protection: | Two years
|
| Trade date: | April 5
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| Settlement date: | April 19
|
| Ratings: | Moody’s: B2
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% area
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