By Marisa Wong
Los Angeles, Nov. 5 – SIG plc priced €300 million of 5¼% five-year senior secured notes (B1/B+) at par, according to a company announcement on Friday.
The notes were talked to yield in the 5 3/8% area, tight to initial guidance in the mid-5% area, as previously reported.
Global coordinator HSBC will bill and deliver. Barclays is also a global coordinator. BNP Paribas, Lloyds and NatWest are joint bookrunners.
The notes come with two years of call protection.
The offering is expected to close on Nov. 18, according to Friday’s announcement.
Proceeds will be used to repay existing private placement notes, to repay existing credit facilities and to fund cash on the company’s balance sheet for general corporate purposes.
The Sheffield, England-based building supplies company added that in conjunction with pricing of the notes offering, it has entered into a new revolving credit facility for aggregate borrowings of up to an equivalent of £50 million with a group of relationship banks. The revolver will initially be undrawn.
| Issuer: | SIG plc
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| Issue: | Senior secured notes
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| Amount: | €300 million
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| Maturity: | Nov. 30, 2026
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| Global coordinators: | HSBC (bill and deliver) and Barclays
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| Joint bookrunners: | BNP Paribas, Lloyds and NatWest
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| Coupon: | 5¼%
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| Price: | Par
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| Yield: | 5¼%
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| Call option: | Non-callable for two years
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| Announcement date: | Nov. 5
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| Settlement date: | Nov. 18
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| Ratings: | Moody’s: B1
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| S&P: B+
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| Price talk: | 5 3/8% area, tight to initial guidance in the mid-5% area
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