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Brakes Bros launches £260 million and €150 million secured notes
By Paul A. Harris
Portland, Ore., May 19 - Brakes Bros Ltd. launched a two-part offering of senior secured notes (expected ratings B3/B-) on a global conference call with investors on Monday, according to a market source.
A roadshow will follow, with stops in London on Tuesday and in Edinburgh on Wednesday.
The deal is coming in the form of a £260 million add-on to the Brakes Capital 7 1/8% senior secured notes due Dec. 15, 2018, which become callable in December 2015. The original £200 million issue priced at par on Nov. 20, 2013.
The deal also includes €150 million of new senior secured floating-rate notes, which come with one year of call protection.
Joint bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S deal. HSBC and JPMorgan are also joint bookrunners.
The Ashford, England-based foodservice distributor plans to use the proceeds to repay bank debt.
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