By Paul A. Harris
St. Louis, April 15 - Thomas Cook Group plc priced an upsized two-part unrated senior fixed-rate notes transaction on Thursday, according to an informed source.
The Peterborough, England-based travel and tourism company priced an upsized €400 million tranche of 6¾% five-year notes at 99.44 to yield 6 7/8%.
The tranche was upsized from €300 million. The yield printed at the tight end of the 7% area price talk.
Barclays Capital, Commerzbank, HSBC and SG Corporate & Investment Banking were joint bookrunners.
In addition, Thomas Cook Group priced an upsized £300 million tranche of 7¾% seven-year notes at 99.168 to yield 7¾%.
The sterling tranche was upsized from £200 million. The yield printed at the tight end of the 7 7/8% area price talk.
Barclays Capital, HSBC and Lloyds were joint bookrunners.
Although the notes were unrated at the time of pricing, there will be a 125 bps coupon step-up in the event that two ratings are not assigned within 12 months.
| Issuer: | Thomas Cook Group plc
|
| Securities: | Unsecured senior fixed-rate notes
|
| Trade date: | April 15
|
| Settlement date: | April 22
|
| Ratings: | Unrated
|
| Distribution: | Regulation S
|
|
|
| Euro-denominated notes
|
| Amount: | €400 million (upsized from €300 million)
|
| Maturity: | June 22, 2015
|
| Bookrunners: | Barclays Capital, Commerzbank, HSBC, SG Corporate & Investment Banking
|
| Coupon: | 6¾%
|
| Price: | 99.44
|
| Yield: | 6 7/8%
|
| Spread: | 471.1 bps
|
| Price talk: | 7% area
|
|
|
| Sterling-denominated notes
|
| Amount: | £300 million (upsized from £200 million)
|
| Maturity: | June 22, 2017
|
| Bookrunners: | Barclays Capital, HSBC, Lloyds
|
| Coupon: | 7¾%
|
| Price: | 99.168
|
| Yield: | 7¾%
|
| Spread: | 449.9 bps
|
| Price talk: | 7 7/8% area
|
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