By Paul A. Harris
Portland, Ore., Sept. 12 - GKN Holdings plc priced a £450 million issue of 5 3/8% 10-year notes (Ba1/BB+/BBB-) at a 375 basis points spread to Gilts on Wednesday, according to a market source.
The spread came on top of spread talk.
The notes were sold at a reoffer price of 99.847.
Joint bookrunner Barclays will bill and deliver. Citigroup, HSBC and RBS were also joint bookrunners.
The Redditch, England-based provider of engineered products and services plans to use the proceeds to help fund the acquisition of Volvo Aerospace.
| Issuer: | GKN Holdings plc
|
| Amount: | £450 million
|
| Maturity: | Sept. 19, 2022
|
| Securities: | Fixed-rate notes
|
| Bill and deliver: | Barclays
|
| Bookrunners: | Barclays, Citigroup, HSBC, RBS
|
| Coupon: | 5 3/8%
|
| Price: | 99.847
|
| Spread: | 375 bps
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's BB+
|
| Fitch: BBB-
|
| Format: | Euro medium-term notes program
|
| Price talk: | Gilts plus 375 bps
|
| Marketing: | Quick to market
|
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