By Paul A. Harris
Portland, Ore., June 29 – Radisson Hospitality AB priced a €250 million issue of 6 7/8% five-year senior secured notes (expected ratings B1//BB-) at 99.473 to yield 7% on Friday, according to a market source.
The yield printed on top of yield talk and at the wide end of initial talk in the high 6% area to 7%.
JPMorgan was the bookrunner.
The notes were issued via Radisson Hotel Holdings AB.
The Brussels-based hotel group plans to use the proceeds to repay debt under its existing credit facilities and for general corporate purposes, including its five-year operating plan, further investments and the creation of a liquidity buffer.
| Issuer: | Radisson Hotel Holdings AB
|
| Amount: | €250 million
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Bookrunner: | JPMorgan
|
| Coupon: | 6 7/8%
|
| Price: | 99.473
|
| Yield: | 7%
|
| Call protection: | Two years
|
| Trade date: | June 28
|
| Expected ratings: | Moody's: B1
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7%
|
| Marketing: | Roadshow
|
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