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Kier Group sets initial talk on £250 million five-year notes at 9¼%; pricing Thursday
By Paul A. Harris
Portland, Ore., Feb. 7 – Kier Group plc set initial price talk in its £250 million offering of five-year senior notes (BB-/BB+) at 9¼%, according to a market source.
The deal is set to price on Thursday.
The Regulation S only notes are subject to an initial call after two years at par plus 50% of the coupon.
Joint global coordinator and joint physical bookrunner HSBC will bill and deliver. NatWest is also a joint global coordinator and joint physical bookrunner.
Lloyds and IMI are joint bookrunners.
The Manchester, U.K.-based provider of infrastructure and construction services plans to use the proceeds to refinance certain debt and for general corporate purposes.
Kier Group’s services are focused on the public sector and regulated utility markets.
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