By Paul A. Harris
Portland, Ore., June 21 – PEU (FIN) Ltd., a wholly owned indirect subsidiary of Pepco Group NV, priced an upsized €375 million issue of five-year senior secured notes (Ba3//BB+) at par to yield 7¼% on Wednesday, according to market sources.
The issue size increased from €300 million.
The yield printed 12.5 basis points inside of yield talk in the 7½% area. Initial guidance was in the high-7% area.
Citigroup, Goldman Sachs, ING and JPMorgan managed the notes sale.
The U.K.-based retailer plans to use the proceeds plus balance sheet cash to repay bank debt.
Issuer: | PEU (FIN) Ltd.
|
Amount: | €375 million
|
Issue: | Senior secured notes
|
Tenor: | Five years
|
Managers: | Citigroup, Goldman Sachs, ING and JPMorgan
|
Coupon: | 7¼%
|
Price: | Par
|
Yield: | 7¼%
|
Call protection: | Two years
|
Trade date: | June 21
|
Ratings: | Moody’s: Ba3
|
| Fitch: BB+
|
Distribution: | Rule 144A and Regulation S
|
Price talk: | 7½% area
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.