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Stonegate Pub to sell £150 million three-year notes Wednesday at Libor plus 625-650 bps at 99.5
By Paul A. Harris
Portland, Ore., Jan. 30 – Stonegate Pub Co. Financing plc talked its £150 million offering of senior secured floating-rate notes due March 15, 2022 (B2/B-) at Libor plus 625 basis points to 650 bps and a reoffer price of 99.5, according to a market source.
The deal was set to price on Wednesday.
Barclays is the bookrunner for the Rule 144A and Regulation S offering.
The notes feature a 101% poison put.
The roadshow wraps up on Wednesday.
The maturity of the notes is coterminous with the company’s existing senior secured floating-rate notes due March 15, 2022.
The Luton, England-based privately owned managed pub company plans to use the proceeds to repay its senior secured credit facility, as well as to finance completion of the second phase of its acquisition of Novus Leisure, to fund certain capital expenditures in relation to recent acquisitions and to put cash on the balance sheet.
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