Stonegate Pub to sell £165 million tap of 8¼% secured notes due 2025 on Thursday

By Paul A. Harris

Portland, Ore., July 22 – England-based pub operator Stonegate Group plans to price a £165 million add-on to the Stonegate Pub Co. Financing 2019 plc 8¼% senior secured notes due July 31, 2025 (B3/B) on Thursday, according to a market source.

Physical bookrunner Barclays will bill and deliver.

The Regulation S notes become callable on July 31, 2022 at 104.125.

Proceeds will be used to finance capital expenditures in the pubs and for general corporate purposes.

The original £950 million issue priced in July 2020.

The add-on notes will become fungible with the original notes.

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

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