By Paul A. Harris
St. Louis, June 27 - Georgica plc priced £60 million of seven-year senior secured second-lien floating-rate notes (Caa1/CCC+) at par to yield three-month Libor plus 700 basis points, according to a market source.
The interest rate came right on top of price talk, which had been raised from three-month Libor plus 650 to 675 bps.
The Royal Bank of Scotland ran the books.
Proceeds will be used to repay £40 million due under the U.K.-based leisure company's group facilities agreement, which will result in an additional £23 million becoming available under that agreement to fund a capital expenditure.
The company has discretion over the use of £12.5 million of the proceeds to fund a capital expenditure or a share buyback program, while the balance will be used for general corporate purposes.
| Issuer: | Georgica plc
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| Amount: | £60 million
|
| Maturity: | June 30, 2012
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| Security description: | Senior secured second-lien floating-rate notes
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| Bookrunner: | The Royal Bank of Scotland
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| Coupon: | Three-month Libor plus 700 basis points
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| Price: | Par
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| Yield: | Three-month Libor plus 700 bps
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| Call protection: | Two years
|
| Trade date: | June 27
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| Settlement date: | June 30
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | Three-month Libor plus 700 bps, revised from Libor plus 650-675 bps
|
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