Chicago, Nov. 16 – TP ICAP plc sold £250 million of 2.625% notes due 2028 (//BBB-), according to a term sheet.
The notes priced at 99.436 to yield 2.714%.
There is a 125 basis points step-up for a rating-based adjustment.
The notes have a make-whole call with a 35 bps redemption margin over the relevant U.K. Treasury until Aug. 18, 2028. After that date, the notes are callable at par.
Managers for the Regulation S offering were HSBC Bank plc, Lloyds Bank Corporate Markets plc, Merrill Lynch International and SMBC Nikko Capital Markets Ltd.
Proceeds will be used to fund the company’s announced tender offer for its 5¼% notes due 2024.
The notes are guaranteed by TP ICAP Group plc.
TP ICAP is an interdealer broker based in London.
| Issuer: | TP ICAP plc
|
| Guarantor: | TP ICAP Group plc
|
| Issue: | Senior notes
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| Amount: | £250 million
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| Maturity: | Nov. 18, 2028
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| Bookrunners: | HSBC Bank plc, Lloyds Bank Corporate Markets plc, Merrill Lynch International and SMBC Nikko Capital Markets Ltd.
|
| Coupon: | 2.625%
|
| Price: | 99.436
|
| Yield: | 2.714%
|
| Call features: | Make-whole call at U.K. Treasury plus 35 bps until Aug. 18, 2028; thereafter at par
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 18
|
| Rating: | Fitch: BBB-
|
| Distribution: | Regulation S
|
| ISIN: | XS2409096349
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