By Paul Deckelman
New York, Nov. 2 – Ladbrokes Group Finance plc priced £400 million of 5 1/8% notes due 2023 (BB/BB) at par on Wednesday, high-yield syndicate sources said.
The issue was upsized from the £300 million that the company had earlier elected as the size of its benchmark offering.
The pricing took place in line with price talk envisioning a 5 1/8% yield.
The deal, which surfaced on the radar screens at the end of last week, was brought to market via active bookrunners Barclays, which will handle billing and delivery, Lloyds Bank, MUFG and RBS Securities Inc., plus joint bookrunner Mediobanca SpA.
The notes are being offered only under Regulation S and can be redeemed via a make-whole call at Treasuries plus 50 bps. They will be ranked pari passu with all existing unsubordinated and unsecured debt.
Ladbrokes – a London-based betting and gaming company – plans to use the new-deal proceeds to refinance bank debt facilities put in place to support its planned merger with industry rival Gala Coral Group plc, based in Nottingham, England.
| Issuer: | Ladbrokes Group Finance plc
|
| Amount: | £400 million, upsized from £300 million
|
| Security description: | Senior notes
|
| Maturity: | Sept. 8, 2023
|
| Active bookrunners: | Barclays (bill and deliver), Lloyds Bank, MUFG, RBS Securities Inc.
|
| Joint bookrunner: | Mediobanca SpA
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 432 bps over 2¼% UKT due in September 2023 at 0.804%
|
| Call protection: | Non-callable, other than via a make-whole call at Treasuries plus 50 bps
|
| Trade date: | Nov. 2
|
| Settlement date: | Nov 8 (T+4)
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
| Distribution: | Regulation S only
|
| Marketing: | Roadshow
|
| Price talk: | 5 1/8%
|
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