Whitbread launches £525 million of green notes in two tranches

By Rebecca Melvin

New York, Feb. 3 – Whitbread Group plc has launched a dual-tranche offering of senior green notes due 2027 and 2031 (expected rating: //BBB-), according to a market source on Wednesday.

The deal sizes have been set at £275 million and £250 million, respectively, and orders for the tranches at the time updated guidance was released were £5.55 billion, about evenly split between the tranches.

The price of the long six-year notes was guided to mid gilts plus 230 basis points to 235 bps, and the long 10-year notes’ price was guided to mid gilts plus 260 bps to 265 bps.

The notes are callable via a make-whole premium, and they have a three-month par call.

The proceeds will be used in accordance with the company’s green bond framework and may be used to repay or redeem existing financing arrangements, including the U.S. notes.

The hotel and restaurant operator is based in Dunstable, U.K.

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