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Asda £2.75 billion two-part bond offering coming in Feb. 5 week, biggest-ever sterling deal
By Paul A. Harris
Portland, Ore., Feb. 5 – Debt financing for the buyout of U.K.-based supermarket chain Asda will include £2.75 billion of high-yield bonds in two tranches, set to kick off in the week ahead, according to market sources.
The offering will be the biggest all-sterling deal in the history of the market, they add.
The offer is expected to be comprised of £2.25 billion of five-year secured notes with initial price talk in the mid-3% area and £500 million of six-year unsecured notes with initial talk in the high-4% to low-5% area.
Barclays will be the left bookrunner.
Debt financing for the buyout also includes an €840 million term loan.
The borrowing entity will be special purpose vehicle Bellis Acquisition Co. plc.
Proceeds from the debt offerings plus equity will be used to fund the acquisition of Leeds-based Asda by the Issa brothers and TDR Capital from Walmart Inc.
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