By Abigail W. Adams
Portland, Me., Feb. 12 – Iceland Bondco plc priced £250 million seven-year senior secured notes (B2/B/B+) at par to yield 4 3/8% on Friday, according to a market source.
The notes were talked in the 4½% area on Thursday, which had been tightened from initial guidance in the mid-to-high 4% area.
HSBC Bank plc was the global coordinator and bookrunner for the Rule 144A and Regulation S offering.
The notes are non-callable until Feb. 15, 2024 with first call at 102.188. There is a poison put of 101.
There is an equity clawback for up to 40% of the notes until Feb. 15, 2024.
Iceland Bondco is a U.K.-based specialty food and staple store.
| Issuer: | Iceland Bondco plc
|
| Amount: | £250 million
|
| Maturity: | May 15, 2028
|
| Securities: | Senior secured notes
|
| Bookrunner: | HSBC Bank plc
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 409 bps
|
| Call protection: | Non-callable until Feb. 15, 2024
|
| Change-of-control put: | 101
|
| Equity clawback: | For up to 40% of notes until Feb. 15, 2024
|
| Trade date: | Feb. 12
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½% area
|
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