By Paul A. Harris
Portland, Ore., July 13 – McLaren Automotive priced an upsized £564 million equivalent amount of five-year senior secured notes in two tranches on Wednesday, according to a market source.
The deal included £370 million of notes that priced at par to yield 5%. The yield printed at the tight end of the 5% to 5¼% yield talk.
The issuance also included $250 million of notes that priced at par to yield 5¾%. The dollar notes also priced at the tight end of yield talk: 5¾% to 6%.
The overall deal size was increased from £525 million equivalent.
JPMorgan was the physical bookrunner. HSBC, Barclays, NatWest and Santander were the joint bookrunners.
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.
| Issuer: | McLaren Automotive
|
| Amount: | £564 million equivalent, increased from £525 million equivalent
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Physical books: | JP Morgan
|
| Joint bookrunners: | HSBC, Barclays, NatWest, Santander
|
| Call protection: | Two years
|
| Trade date: | July 13
|
| Marketing: | Roadshow
|
|
|
| Sterling-denominated notes
|
| Amount: | £370 million
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Price talk: | 5% to 5¼%
|
|
|
| Dollar-denominated notes
|
| Amount: | $250 million
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Price talk: | 5¾% to 6%
|
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