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Stonegate Pub gives guidance in £380 million two-part notes offering
By Paul A. Harris
Portland, Ore., April 2 - Stonegate Pub Co. Financing plc circulated initial guidance for its £380 million two-part offering of five-year senior secured notes (expected ratings B2/B+), market sources said on Wednesday.
A £230 million tranche of fixed-rate notes, which comes with two years of call protection, is guided with a yield of 5¾% to 6%.
A £150 million tranche of floating-rate notes, which comes with one year of call protection, is guided at Libor plus 475 basis points to 500 bps.
The roadshow continues on Wednesday and Thursday in London.
The deal is expected to price on Friday.
Joint bookrunner Barclays will bill and deliver. Morgan Stanley is also a joint bookrunner.
Proceeds from the Rule 144A and Regulation S sale will be used to repay all outstanding debt, to fund a distribution to shareholders and for general corporate purposes.
The prospective issuer is a Luton, England-based pub operator.
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