By Rebecca Melvin
Concord, N.H., Sept. 17 – Bidvest Group (UK) plc priced $800 million of five-year notes (expected rating: Ba2//BB) at par to yield 3 5/8%, according to a syndicate source.
Bidvest Group Ltd. will guarantee the notes, which are non-callable for two years. In year three, they are callable at 101.813 and 50% make-whole; in year four, they are callable at 100.906 and 25% make-whole; and after year four, they are callable at par.
There is also a change of control put at 101.
BofA Securities, Barclays, BNP Paribas, Citigroup, Absa Rand Merchant Bank and Standard Bank were joint bookrunners of the Rule 144A and Regulation S deal.
The proceeds are earmarked to fund repayment of Bidvest’s revolving credit facility drawings in a new syndicated facility, to repay local currency bonds and for general corporate purposes, which may include future bolt-on acquisitions.
The business-to-business services, trading and distribution group is based in Johannesburg.
| Issuer: | Bidvest Group (UK) plc
|
| Guarantor: | Bidvest Group Ltd.
|
| Issue: | Senior unsecured notes
|
| Amount: | $800 million
|
| Maturity: | Sept. 23, 2026
|
| Bookrunners: | BofA Securities, Barclays, BNP Paribas, Citigroup, Absa Rand Merchant Bank and Standard Bank
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| Spread: | 279.4 bps over Treasuries
|
| Calls: | NC2, then callable at 101.813 and 50% make-whole in year three; at 100.906 and 25% make-whole in year four and then callable at par
|
| Change of control: | Yes, put at 101
|
| Pricing date: | Sept. 17
|
| Settlement: | Sept. 23
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| ISIN: | XS23888496247
|
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