Punch talks £600 million five-year secured notes at 6¼% area yield; pricing Friday

By Paul A. Harris

Portland, Ore., June 17 – United Kingdom-based pub operator Punch talked its £600 million offering of five-year senior secured notes (B3/B+) to yield in the 6¼% area, according to a market source.

Official talk comes inside of initial guidance in the mid-6% area.

The deal is set to price on Friday.

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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