By Paul A. Harris
Portland, Ore., Sept. 11 – Ei Group plc priced a £150 million issue of 5.5-year senior notes (B) at par to yield 7½% on Tuesday, according to a market source.
The yield printed at the tight end of the 7½% to 7¾% yield talk.
Joint global coordinator and bookrunner Deutsche Bank will bill and deliver. BNP Paribas was also a joint global coordinator and bookrunner. Lloyds Bank and NatWest Markets are joint bookrunners.
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.
| Issuer: | Ei Group plc
|
| Amount: | £150 million
|
| Maturity: | March 15, 2024
|
| Securities: | Senior notes
|
| Global coordinators: | Deutsche Bank (bill and deliver), BNP Paribas
|
| Joint bookrunners: | Lloyds Bank, Natwest Markets
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 634 bps
|
| First call: | Make-whole call at Gilts plus 50 bps until Sept. 15, 2020 then callable at 103.75
|
| Equity clawback: | 40% until Sept. 15, 2020, then callable at 107.5
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 25
|
| Rating: | S&P: B
|
| Distribution: | Regulation S only
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Roadshow
|
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