Published on 4/14/2015 in the Prospect News High Yield Daily.
New Issue: Moy Park prices £100 million tap of 6¼% notes due 2021 at 98.5 to yield 6.55%
By Paul A. Harris
Portland, Ore., April 14 – Moy Park Holdings (Europe) Ltd. priced a £100 million add-on to its 6¼% notes due May 29, 2021 (B1/B+) at 98.5 to yield 6.55% on Tuesday, according to market sources.
The reoffer price came on top of price talk.
Global coordinator and bookrunner Goldman Sachs International will bill and deliver. Deutsche Bank and HSBC were also global coordinators and bookrunners.
The Ireland-based poultry producer plans to use the proceeds to fund a distribution to Marfrig Global Foods SA, its parent.
| Issuer: | Moy Park (Europe) Ltd.
|
| Face amount: | £100 million
|
| Proceeds: | £98.5 million
|
| Maturity: | May 29, 2021
|
| Security description: | Add-on to 6¼% senior notes due May 29, 2021
|
| Global coordinators/bookrunners: | Goldman Sachs International (bill and deliver), Deutsche Bank, HSBC
|
| Coupon: | 6¼%
|
| Price: | 98.5
|
| Yield: | 6.55%
|
| Spread: | 535 bps
|
| First call date: | May 29, 2017
|
| Trade date: | April 14
|
| Settlement date: | April 17
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 98.5
|
| Marketing: | Quick to market
|
| Original issue: | £200 million priced at par on May 23, 2014
|
| Total issue size: | £300 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
