Chicago, June 25 – Saga plc sold £250 million 5½% guaranteed bonds due 2026 (B1/B), according to an announcement.
Barclays, HSBC Bank plc, Mizuho International plc and NatWest Markets plc carried out roadshows for the offering.
The notes will be guaranteed by Saga Mid Co Ltd. and Saga Services Ltd.
The new notes are part of a number of financing transactions from the company including a tender offer, the repayment of a term loan and amendments to the covenants in its existing revolving credit facilities.
The new notes will pay for the tender offer of up to £100 million of notes and will be used to repay the £70 million term loan. Proceeds will also be used for general corporate purposes.
The issuer is a Kent, England-based provider of products and services for people aged 50 and over.
| Issuer: | Saga plc
|
| Guarantors: | Saga Mid Co Ltd. and Saga Services Ltd.
|
| Issue: | Guaranteed bonds
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| Amount: | £250 million
|
| Maturity: | July 15, 2026
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| Bookrunners: | Barclays, HSBC Bank plc, Mizuho International plc and NatWest Markets plc
|
| Coupon: | 5½%
|
| Price: | Par
|
| Trade date: | June 25
|
| Settlement date: | July 2
|
| Ratings: | Moody’s: B1
|
| S&P: B
|
| Marketing: | Roadshow
|
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