By Paul A. Harris
Portland, Ore., Nov. 21 - England-based Grainger plc priced a £200 million issue of non-callable seven-year guaranteed secured notes (/BB+/BB+) at par to yield 5% on Thursday, according to an informed source.
The yield printed 12.5 basis points inside of yield talk in the 5¼% area.
Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland are the active bookrunners.
Royal Bank of Scotland will bill and deliver.
Proceeds from the Regulation S only deal will be used to repay debt.
Grainger is a Newcastle upon Tyne, England-based residential property management company.
| Issuer: | Grainger plc
|
| Amount: | £200 million
|
| Maturity: | December 2020
|
| Securities: | Guaranteed secured notes
|
| Bill and deliver: | Royal Bank of Scotland
|
| Active bookrunners: | Barclays, HSBC, Lloyds TSB, Royal Bank of Scotland
|
| Co-manager: | J.P. Morgan Cazenove
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 298 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 21
|
| Settlement: | Nov. 25 week
|
| Ratings: | Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S only
|
| Price talk: | 5¼% area
|
| Marketing: | Roadshow
|
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