By Andrea Heisinger
New York, Nov. 19 - British Sky Broadcasting Group plc was in the market with an $800 million sale of 3.125% 10-year notes on Monday, pricing them at a spread of Treasuries plus 157 basis points, an informed source told Prospect News.
The spread came in from guidance in the 160 bps area, the source said.
The notes (Baa1/BBB+/) sold at 99.66 to yield 3.176%. There is a make-whole call at Treasuries plus 25 bps.
Pricing was done via Rule 144A and Regulation S.
There is a change-of-control put feature at 101%.
Bookrunners were Barclays and J.P. Morgan Securities LLC.
BSkyB was last in the U.S. bond market with a $600 million sale of 9.5% 10-year notes in November of 2008 that priced at Treasuries plus 587.5 bps, the informed source said.
The mass media, broadband and telecommunications company is based in London.
| Issuer: | British Sky Broadcasting Group plc
|
| Issue: | Senior notes
|
| Amount: | $800 million
|
| Maturity: | Nov. 26, 2022
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC
|
| Coupon: | 3.125%
|
| Price: | 99.66
|
| Yield: | 3.176%
|
| Spread: | Treasuries plus 157 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 26
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Price talk: | Treasuries plus 160 bps area
|
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