By Paul A. Harris
Portland, Ore., July 22 – McLaren Automotive priced a $620 million issue of five-year senior secured notes (Caa1/CCC+/B) at par to yield 7½% on Thursday, according to market sources.
The deal, which was heard to be playing to a very strong order book, priced 12.5 basis points inside of price talk in the 7¾% area. Initial guidance was in the low 8% area.
Global coordinator and physical bookrunner Goldman Sachs will bill and deliver. HSBC was also a physical bookrunner. National Bank of Bahrain was a joint bookrunner.
The notes were issued via McLaren Finance plc.
The Woking, England-based high-performance auto manufacturer plans to use the proceeds to refinance its senior secured notes due in 2022 and its super senior revolver, and to put cash on its balance sheet.
| Issuer: | McLaren Finance plc
|
| Amount: | $620 million
|
| Maturity: | Aug. 1, 2026
|
| Securities: | Senior secured notes
|
| Physical bookrunners: | Goldman Sachs (bill and deliver) and HSBC
|
| Joint bookrunner: | National Bank of Bahrain
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 678 bps
|
| First call: | Aug. 1, 2023 at 103.75
|
| Trade date: | July 22
|
| Settlement date: | Aug. 2
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾% area
|
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