Chicago, July 29 – Very Group Funding plc sold £575 million of 6½% five-year senior secured notes (B3//B-) at par on Wednesday, according to a notice and a press release.
The notes priced at the high end of talk, which had them expected in the 6¼% to 6½% range, as a market source had told Prospect News and was earlier reported.
The notes are non-callable for two years.
The issuer is a subsidiary of Very Group Ltd.
J.P. Morgan Securities plc, Barclays, HSBC, BNP Paribas, Morgan Stanley and SEB are bookrunners of the Rule 144A and Regulation S deal.
The proceeds are expected to be used for refinancing the company’s £550 million of backed senior secured notes due 2022.
The multi-brand online retailer and financial services provider is based in Speke, U.K.
| Issuer: | Very Group Funding plc
|
| Issue: | Senior secured notes
|
| Amount: | £575 million
|
| Maturity: | 2026
|
| Bookrunners: | J.P. Morgan Securities plc, Barclays, HSBC, BNP Paribas, Morgan Stanley and SEB
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call features: | Two years of call protection
|
| Trade date: | July 28
|
| Settlement date: | Aug. 9
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼%-6½%
|
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