By Paul A. Harris
Portland, Ore., May 23 - Ireland-based poultry producer Moy Park (Bondco) plc priced a £200 million issue of seven-year senior notes (B1) at par to yield 6¼% on Friday, according to a market source.
The yield printed at the wide end of the 6% to 6¼% yield talk.
The transaction was downsized from £250 million with the withdrawal of a proposed £50 million tranche of three-year floating-rate notes.
Barclays, Deutsche Bank and Goldman Sachs International were the lead managers.
Proceeds will be used to fund a distribution to Marfrig Group for repayment of some of its debt, as well as to pay a deferred consideration for the purchase of the Keystone Foods assets in Europe, and for general corporate purposes.
| Issuer: | Moy Park (Bondco) plc
|
| Amount: | £200 million, decreased from £250 million
|
| Maturity: | May 29, 2021
|
| Securities: | Senior notes
|
| Lead managers: | Barclays, Deutsche Bank, Goldman Sachs International
|
| Co-managers: | Santander, Rabobank
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 403 bps
|
| Call protection: | Three years
|
| Trade date: | May 23
|
| Settlement date: | May 29
|
| Rating: | Moody's: B1
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6¼% (proposed £50 million tranche of three-year floating-rate notes was withdrawn)
|
| Marketing: | Roadshow
|
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