Midday Commentary: William Hill mulls sterling-denominated notes; Novalis, Stabilis ahead

By Paul A. Harris

Portland, Ore., May 30 - William Hill plc (Ba1/BB+) mandated a trio of banks to arrange meetings with fixed income investors ahead of a possible benchmark-sized, sterling-denominated debt offering, according to market sources.

The deal could price before the end of the week.

Royal Bank of Scotland, Barclays and Lloyds TSB are the leads.

Royal Bank of Scotland will bill and deliver.

An investment-grade-style execution is expected.

The gaming firm is based in London.

Novalis, Stabilus on tap

Elsewhere in Europe, France's Novalis SAS is expected to price its €450 million offering of five-year senior secured notes (/B+/) on Friday, according to a market source.

Formal price talk has not surfaced, but the deal is being guided in the 6% area.

Global coordinator and joint bookrunner BNP Paribas will bill and deliver. Deutsche Bank is also a global coordinator and joint bookrunner. Goldman Sachs and JPMorgan are also joint bookrunners.

Also Germany's Stabilus is expected to price its €315 million offering of five-year senior secured notes (B2/B) on Friday.

While the market awaits official price talk, the deal is being guided at 7½% to 8%.

JPMorgan is the bookrunner.

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