England's Odeon adds euro-denominated floater to £475 million note offering, sets price talk

By Paul A. Harris

Portland, Ore., May 12 - Odeon & UCI Cinemas Group added a €150 million minimum floating-rate notes tranche to its £475 million equivalent seven-year senior secured notes offering (B3/B), an informed source said on Thursday.

The floating-rate notes are talked at a 500 basis points to 525 bps spread to three-month Euribor.

Meanwhile a sterling-denominated tranche of fixed-rate notes is talked with a 9% to 9¼% yield.

Tranche sizes remain to be determined.

The books close at 5:30 a.m. ET on Friday, and the deal is set to price thereafter.

Bank of America Merrill Lynch and Goldman Sachs International are the joint physical bookrunners for the Rule 144A and Regulation S for life deal.

Lloyds TSB and Mizuho are the joint lead managers.

The notes come with three years of call protection.

The England-based movie theater operator plans to use the proceeds to repay debt, to fund acquisitions and for general corporate purposes.

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