Published on 2/9/2018 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Entertainment One sells £70 million tap of 6 7/8% notes due 2022 at 105.75 to yield 3.9%
By Paul A. Harris
Portland, Ore., Feb. 9 – Entertainment One Ltd. priced a £70 million add-on to its 6 7/8% senior secured notes due Dec. 15, 2022 at 105.75 with a 3.9% yield to worst, according to market sources.
JPMorgan was the lead.
Proceeds will be used to partially fund the cash consideration for the acquisition of the remaining 49% minority stake of Deluxe Pictures, doing business as the Mark Gordon Co., and for general corporate purposes, which may include financing targeted content acquisitions or paying down amounts drawn under the revolving credit facility.
Entertainment One is a Toronto-based international entertainment group.
| Issuer: | Entertainment One Ltd.
|
| Amount: | £70 million
|
| Maturity: | Dec. 15, 2022
|
| Security description: | Add-on to 6 7/8% senior secured notes due Dec. 15, 2022
|
| Lead: | JPMorgan
|
| Coupon: | 6 7/8%
|
| Price: | 105.75
|
| Yield to worst: | 3.9%
|
| Call: | Make-whole call at Gilts plus 50 bps until Dec. 15, 2018, then callable at 103.438
|
| Announcement date: | Feb. 9
|
| Distribution: | Rule 144A and Regulation S
|
| Original issue: | £285 million priced at par in December 2015
|
| Total issue size: | £355 million
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