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House of Fraser talks £175 million five-year notes at Libor plus 575 bps area at 99; pricing Tuesday
By Paul A. Harris
Portland, Ore., July 28 – House of Fraser (Funding) plc talked its £175 million offering of five-year floating-rate senior secured notes (B3/B) with a Libor spread in the 575 basis points area at 99, according to a market source.
The Rule 144A and Regulation S deal is expected to price Tuesday.
HSBC Bank is the bookrunner.
The notes become callable at 101 after one year and at par after two years.
The London-based department store group plans to use the proceeds to refinance its existing senior secured notes and its revolver and for general corporate purposes.
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