By Abigail W. Adams
Portland, Me., March 27 – Jerrold Finco plc priced £450 million of six-year senior secured notes (BB/BB) on Wednesday at par to yield 7 7/8%, according to market sources.
Pricing came at the tight end of talk for a yield in the 8% area.
Early guidance was for a yield of 8% to 8¼%.
The notes are non-callable for two years.
Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are joint global coordinators and bookrunners for the Rule 144A and Regulation S offering. Goldman Sachs & Co. LLC, Lloyds Securities Inc. and NatWest Markets Securities Inc. are also bookrunners.
Proceeds, along with proceeds from the sale of assets, will be used to refinance the company’s 2026 senior secured notes.
Jerrold Finco is a subsidiary of Together Financial Services Ltd., a U.K.-based specialist mortgage lender.
| Issuer: | Jerrold Finco plc
|
| Amount: | £450 million
|
| Issue: | Senior secured notes
|
| Maturity: | April 15, 2030
|
| Global coordinators: | Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
|
| Joint bookrunners: | Goldman Sachs & Co. LLC, Lloyds Securities Inc. and NatWest Markets Securities Inc.
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 411 bps
|
| First call: | April 15, 2026
|
| Trade date: | March 27
|
| Settlement date: | April 9
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% area
|
| Marketing: | Roadshow
|
|
|
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