By Paul A. Harris
Portland, Ore., July 24 – Stonegate priced two tranches of five-year senior secured notes (B3/B+) on Friday, according to a market source.
The deal included £950 million of fixed-rate notes, which priced at par to yield 8¼%, at the wide end of the 8% to 8¼% yield talk.
It also featured €300 million of Euribor plus 575 basis points floating-rate notes, which priced at 93, rendering a yield of around 7.48%. Like the fixed-rate notes, the floating-rate notes were also talked at a yield: 7¼% to 7½%. Hence the floating-rate notes also came near the wide end of talk.
Barclays was the left global coordinator and left bookrunner. Goldman Sachs and Nomura were also global coordinators. Joint bookrunners were Deutsche Bank, Lloyds and Rabobank.
The notes were sold via Stonegate Pub Co. Financing 2019 plc.
Proceeds will be used to repay £950 million under the company’s bridge facilities and £275 million under its senior term facilities.
Stonegate, the largest pub company in the United Kingdom, is based in Luton, England. The corporate sponsor is TDR Capital.
| Issuer: | Stonegate Pub Co. Financing 2019 plc
|
| Maturity: | July 31, 2025
|
| Securities: | Senior secured notes
|
| Global coordinators: | Barclays (bill and deliver), Goldman Sachs and Nomura
|
| Joint bookrunners: | Deutsche Bank, Lloyds and Rabobank
|
| Trade date: | July 24
|
| Settlement date: | July 31
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | £950 million
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 835 bps
|
| First call: | July 31, 2022 at 104.125
|
| Price talk: | 8% to 8¼%
|
|
|
| Floating-rate notes
|
| Amount: | €300 million
|
| Coupon: | Euribor plus 575 bps
|
| Price: | 93
|
| First call: | July 31, 2021 at 101
|
| Price talk: | 7¼% to 7½% yield
|
|
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