By Paul A. Harris
Portland, Ore., Jan. 14 – Together Financial Services Ltd. priced an upsized £500 million issue of six-year senior secured notes (BB-/BB-) at par to yield 5¼% on Thursday, according to a market source.
The issue size increased from £450 million.
The yield printed at the tight end of the 5¼% to 5½% yield talk.
Global coordinator and joint bookrunners Citigroup will bill and deliver. Goldman Sachs International was also a global coordinator and bookrunner. Additional joint bookrunners were Barclays, Credit Suisse, HSBC and JPMorgan.
The issuing entity is Jerrold FinCo plc, a subsidiary of Together Financial Services.
The U.K.-based specialist mortgage lender, formerly known as Jerrold, plans to use the proceeds to repay its 6 1/8% senior secured notes due 2024 and to pay down balances under its CABS securitization.
| Issuer: | Jerrold FinCo plc
|
| Amount: | £500 million, increased from £450 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Senior secured notes
|
| Global coordinators: | Citigroup (bill and deliver) and Goldman Sachs International
|
| Joint bookrunners: | Citigroup, Goldman Sachs, Barclays, Credit Suisse, HSBC and JPMorgan
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 515 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until Jan. 15, 2023 then callable at 102.625
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 25
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% to 5½%
|
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