By Abigail W. Adams
Portland, Me., Nov. 10 – Travis Perkins plc priced £250 million of senior bullet notes due February 2026 on Tuesday at par with a coupon of 3¾% to yield 3.746%, according to a market source.
Pricing came on the tight end of final price talk for a yield in the 3¾% to 3 7/8% area.
Initial price talk was for a coupon in the low 4% area.
The deal was heavily oversubscribed with books at £1.75 billion, a source said.
BNP Paribas Securities Corp., Barclays, NatWest Markets Securities Inc. and Santander Investment Securities Inc. were active bookrunners for the Regulation S offering.
Lloyds Securities Inc. and MUFG were passive bookrunners.
Travis Perkins is a Northampton, U.K.-based building products supplier.
| Issuer: | Travis Perkins plc
|
| Amount: | £250 million
|
| Maturity: | Feb. 17, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas Securities Corp. (bill and deliver), Barclays, NatWest Markets Securities Inc., Santander Investment Securities Inc. (active), Lloyds Securities Inc. and MUFG
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3.746%
|
| Spread: | 363 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 17
|
| Ratings: | S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Yield in 3¾% to 3 7/8% area
|
| Marketing: | Roadshow
|
|
|
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