By Paul A. Harris
Portland, Ore., June 18 – Pub operator Punch priced a £600 million issue of five-year senior secured notes (B3/B+) at par to yield 6 1/8% on Friday, according to a market source.
The yield printed at the tight end of yield talk in the 6¼% area and inside of initial guidance in the mid-6% area.
Physical bookrunner and joint global coordinator Barclays will bill and deliver. NatWest was also a joint global coordinator.
The notes were sold via Punch Finance plc.
The Burton on Trent, U.K., company plans to use the proceeds plus cash on its balance sheet to repay debt.
| Issuer: | Punch Finance plc
|
| Amount: | £600 million
|
| Maturity: | June 30, 2026
|
| Securities: | Senior secured notes
|
| Physical bookrunner: | Barclays
|
| Global coordinators: | Barclays and NatWest
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 572.3 bps
|
| Call protection: | Two years
|
| Trade date: | June 18
|
| Settlement date: | June 24
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Price talk: | 6¼% area
|
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