By Paul A. Harris
Portland, Ore., May 13 - England's Odeon & UCI Finco plc priced £475 million equivalent of seven-year senior secured notes (B3/B/) in two tranches on Friday, according to an informed source.
The movie theater operator priced a £300 million tranche of fixed-rate notes at par to yield 9%. The yield printed at the tight end of the 9% to 9¼% price talk.
Odeon also priced an upsized €200 million tranche of floating-rate notes at par to yield three-month Euribor plus 500 basis points. The floating-rate tranche was upsized from €150 million, and the Euribor spread came at the tight end of the 500 bps to 525 bps price talk.
The floaters were added after the deal was launched into the market. The offering originally hit the market as a single £475 million tranche of seven-year fixed-rate notes before being separated into two tranches.
Merrill Lynch International and Goldman Sachs International were the joint physical bookrunners.
Lloyds TSB Bank plc and Mizuho International plc were the joint lead managers.
Proceeds will be used to repay debt, to fund acquisitions and for general corporate purposes.
| Issuer: | Odeon & UCI Finco plc
|
| Amount: | £475 million equivalent (approximate)
|
| Maturity: | Aug. 1, 2018
|
| Securities: | Senior secured notes
|
| Bookrunners: | Merrill Lynch International (bill and deliver), Goldman Sachs International
|
| Lead managers: | Lloyds TSB Bank plc, Mizuho International plc
|
| Trade date: | May 13
|
| Settlement date: | May 24
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | £300 million
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 618 bps
|
| Call protection: | Three years
|
| Price talk: | 9% to 9¼%
|
|
|
| Floating-rate notes
|
| Amount: | €200 million, increased from €150 million
|
| Coupon: | Three-month Euribor plus 500 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 500 bps
|
| Call features: | Callable in one year at 101
|
| Price talk: | Euribor plus 500 to 525 bps
|
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