Stonegate sets talk in £950 million and €300 million five-year notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., July 23 – Stonegate set price talk in its two-part offering of five-year senior secured notes (B3/B+) on Thursday, according to a market source.

The Rule 144A and Regulation S deal includes £950 million of fixed-rate notes, non-callable for two years, talked to yield 8% to 8¼%.

The deal also features €300 million of floating-rate notes, non-callable for one year. The floating-rate notes are also talked at a yield: 7¼% to 7½%.

The notes are set to price on Friday.

Barclays is the left global coordinator and left bookrunner. Goldman Sachs and Nomura are joint global coordinators and joint bookrunners. Deutsche Bank, Lloyds and Rabobank are joint bookrunners.

Proceeds will be used to repay £950 million under the company’s bridge facilities and £275 million under the senior term facilities.

The issuing entity will be StonegatePub Co. Financing 2019 plc (Eng. and Wales).

Stonegate, the largest pub company in the United Kingdom, is based in Luton, England. The corporate sponsor is TDR Capital.

© 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.