Published on 12/4/2015 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Entertainment One prices £285 million 6 7/8% seven-year notes at par
By Paul A. Harris
Portland, Ore., Dec. 4 – Entertainment One Ltd. priced a £285 million issue of seven-year senior secured notes (B1/B+) at par to yield 6 7/8% on Friday, according to a market source.
The yield printed 12.5 basis points below the tight end of the 7% to 7¼% yield talk.
Joint bookrunner JPMorgan will bill and deliver. Barclays and BofA Merrill Lynch were also joint bookrunners.
The Toronto-based international entertainment group plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Entertainment One Ltd.
|
| Amount: | £285 million
|
| Maturity: | Dec. 15, 2022
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan (bill and deliver), Barclays, BofA Merrill Lynch
|
| Co-managers: | RBC Capital Markets, SunTrust Robinson Humphrey Inc., TD Securities
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 532 bps
|
| Call: | Make-whole call at Gilts plus 50 bps until Dec. 15, 2018, then callable at 103.438
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% to 7¼%
|
| Marketing: | Roadshow
|
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