Published on 11/19/2020 in the Prospect News High Yield Daily.
New Issue: Marks and Spencer prices £300 million 3¾% notes due 2026 at par
By Cady Vishniac
Detroit, Nov. 19 – Marks and Spencer plc sold £300 million of 3¾% notes due May 19, 2026 (Ba1/BB+) on Thursday under its euro medium-term note program, according to a release with the London Stock Exchange.
The notes may be redeemed at any time prior to Feb. 19, 2026 for par plus a make-whole premium of U.K. Treasuries plus 50 basis points using the 0.125% bonds due January 2026, or for par afterward.
Joint lead managers were BNP Paribas, MUFG Securities EMEA plc, NatWest Markets plc and SMBC Nikko Capital Markets Ltd. Bank of China Ltd., London Branch was co-manager.
The retailer is based in London.
| Issuer: | Marks & Spencer plc
|
| Issue: | Notes, series 132
|
| Amount: | £300 million
|
| Maturity: | May 19, 2026
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| Bookrunners: | BNP Paribas, MUFG Securities EMEA plc, NatWest Markets plc, SMBC Nikko Capital Markets Ltd.
|
| Co-manager: | Bank of China Ltd., London Branch
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3.753%
|
| Call option: | Par plus a make-whole premium of U.K. Treasuries plus 50 basis points prior to Feb. 19, 2026; par thereafter
|
| Change of control put: | At par
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| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Distribution: | Regulation S
|
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