Ei Group sets roadshow for £150 million 5.5-year senior notes

By Paul A. Harris

Portland, Ore., Sept. 6 – Ei Group plc plans to start a roadshow on Friday in London City for a £150 million offering of 5.5-year senior notes (S&P: B), according to a market source.

The roadshow continues on Monday on London's West End.

Further details on the timing of the Regulation S only offering were pending at press time.

Joint global coordinator and bookrunner Deutsche Bank will bill and deliver. BNP Paribas is also a joint global coordinator and bookrunner. Lloyds Bank and NatWest Markets are joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon and feature a two-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Solihull, West Midlands, U.K.-based pub company plans to use the proceeds to fully or partially repay its convertible securities, with any remaining proceeds to be retained as cash on the balance sheet, intended to be applied toward repayment of the 2018 notes at maturity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.