Stonegate Pubs to start roadshow Wednesday for £380 million five-year secured notes in two parts

By Paul A. Harris

Portland, Ore., April 1 - Stonegate Pubs Co. plans to start a roadshow on Wednesday in London for a £380 million offering of five-year senior secured notes, according to a syndicate source.

The roadshow continues in London on Thursday, and pricing is expected on Friday.

The deal is coming in tranches of fixed-rate and floating-rate notes. Tranche sizes remain to be determined.

Barclays and Morgan Stanley are the joint bookrunners for the Regulation S offering.

The Luton, England-based pub operator plans to use the proceeds to repay £175 million of bank debt, to repay a £154 million shareholder loan and to fund a £28 million dividend.

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