Stonegate to sell notes in £950 million fixed-rate and €300 million floating-rate tranches

By Paul A. Harris

Portland, Ore., July 20 – Stonegate was set to kick off a two-part offering of five-year senior secured notes (expected ratings B3/B+) on a Monday global investor conference call, according to a market source.

The Rule 144A and Regulation S deal includes £950 million of fixed-rate notes, non-callable for two years, and €300 million of floating-rate notes, non-callable for one year.

The notes offering will be shopped by means of one-on-one investor calls to take place Tuesday through Thursday, with pricing set for Friday.

Barclays is the left global coordinator and left bookrunner. Goldman Sachs and Nomura are joint global coordinators and joint bookrunners. Deutsche Bank, Lloyds and Rabobank are joint bookrunners.

Proceeds will be used to repay £950 million under the company’s bridge facilities and £275 million under the senior term facilities.

The issuing entity will be StonegatePub Co. Financing 2019 plc (Eng. and Wales).

Stonegate, the largest pub company in the United Kingdom, is based in Luton, England. The corporate sponsor is TDR Capital.

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