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McLaren Automotive sets talk in £525 million equivalent secured notes offering; pricing Thursday
By Paul A. Harris
Portland, Ore., July 12 – McLaren Automotive set price talk in its £525 million two-part offering of five-year senior secured notes, a market source said on Wednesday.
The sterling-denominated notes are talked to yield 5% to 5¼%.
The dollar notes are talked to yield 5¾% to 6%.
Books close at 9:30 a.m. ET on Thursday, and the deal is set to price thereafter.
JPMorgan is the physical bookrunner. HSBC is the joint bookrunner.
The syndicate also includes Barclays, NatWest and Santander.
The notes come with two years of call protection.
The Woking, England-based performance automobile manufacturer plans to use the proceeds to fund the purchase of shares from its former chairman Ron Dennis and to refinance debt.
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