By Paul A. Harris
Portland, Ore., June 28 – Wagamama Ltd. priced a £225 million issue of five-year senior secured notes (B2/B) at par to yield 4 1/8% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk that had been set in the 4¼% area.
Joint bookrunner Morgan Stanley & Co. International plc will bill and deliver. KKR was also a joint bookrunner.
The London-based restaurant chain specializing in Asian cuisine plans to use the proceeds to redeem all of Wagamama Finance plc’s £150 million of outstanding senior secured notes and to pay deferred interest on loan notes.
The issuing entity is Wagamama Finance plc which, like Wagamama Ltd., is a wholly owned subsidiary of Mable Mezzco Ltd.
| Issuer: | Wagamama Finance plc
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| Amount: | £225 million
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| Maturity: | July 1, 2022
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| Securities: | Senior secured notes
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| Bookrunners: | Morgan Stanley (bill and deliver), KKR
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| Coupon: | 4 1/8%
|
| Price: | Par
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| Yield: | 4 1/8%
|
| Spread: | 356 bps
|
| First call: | Make-whole call at Gilts plus 50 bps for 1.5 years, then callable on Jan. 1, 2019 at 102.063
|
| Equity clawback: | 40% at 104.125 until Jan. 1, 2019
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| Trade date: | June 28
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| Settlement date: | July 10
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| Ratings: | Moody’s: B2
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¼% area
|
| Marketing: | Roadshow
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