Published on 11/5/2015 in the Prospect News High Yield Daily.
New Issue: WorldPay prices upsized €500 million 3¾% seven-year notes at par
By Paul A. Harris
Portland, Ore., Nov. 5 – WorldPay Group plc priced an upsized €500 million issue of seven-year senior bullet notes (Ba2/BB) at par to yield 3¾% on Thursday, according to a market source.
The deal size was increased from €400 million.
The yield printed at the tight end of the 3¾% to 4% yield talk.
Global coordinator Barclays will bill and deliver for the Rule 144A and Regulation S offering. BofA Merrill Lynch, Credit Agricole CIB and Credit Suisse are also global coordinators. BOC, Goldman Sachs & Co., Lloyds Securities Inc., Medio, Mizuho Securities, RBC Capital Markets Corp., RBS Securities Inc., UBS Securities LLC and UniCredit are joint bookrunners.
The notes were issued by subsidiary WorldPay Finance plc.
The London-based international payments processing company plans to use the proceeds of the note offering, together with cash on hand, to fund the partial prepayment of the £600 million bullet term facility provided under a senior facilities agreement that the company entered into on Sept. 4.
| Issuer: | WorldPay Finance plc
|
| Amount: | €500 million, increased from €400 million
|
| Maturity: | Nov. 15, 2022
|
| Securities: | Senior notes
|
| Global coordinators: | Barclays (bill and deliver), BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse
|
| Joint bookrunners: | BOC, Goldman Sachs & Co., Lloyds Securities Inc., Medio, Mizuho Securities, RBC Capital Markets Corp., RBS Securities Inc., UBS Securities LLC, UniCredit (joint books)
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 362 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps, otherwise non-callable
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 10
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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