Punch selling £600 million five-year secured notes; talk mid-6% area

By Paul A. Harris

Portland, Ore., June 15 – United Kingdom-based pub operator Punch began marketing a £600 million offering of five-year senior secured notes (expected ratings B3/B+) on Tuesday, according to a market source.

Initial price talk is in the mid-6% area.

The deal is being shopped by means of one-on-one meetings between investors and management, set to take place Wednesday and Thursday.

Physical bookrunner and joint global coordinator Barclays will bill and deliver. NatWest is also a joint global coordinator.

The Rule 144A and Regulation S notes come with two years of call protection.

The issuing entity will be Punch Finance plc.

The Burton on Trent, U.K., company plans to use the proceeds plus cash on its balance sheet to repay debt.

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