New Issue: Stonegate Pub prices £165 million tap of 8¼% notes due 2025 at 103.5 to yield 7.231%

By Paul A. Harris

Portland, Ore., July 22 – England-based pub operator Stonegate Group priced a £165 million add-on to the Stonegate Pub Co. Financing 2019 plc 8¼% senior secured notes due July 31, 2025 (B3/B) at 103.5 with a 7.231% yield to maturity on Thursday, according to a market source.

Physical bookrunner Barclays will bill and deliver. Joint bookrunners were Goldman Sachs, Nomura, Deutsche Bank, Lloyds Bank and Rabobank.

Proceeds will be used to finance capital expenditures in the pubs and for general corporate purposes.

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
Amount:	£165 million
Maturity:	July 31, 2025
Security description:	Add-on to 8¼% senior secured notes due July 31, 2025
Physical bookrunner:	Barclays (bill and deliver)
Joint bookrunners:	Goldman Sachs, Nomura, Deutsche Bank, Lloyds Bank and Rabobank
Coupon:	8¼%
Price:	103.5
Yield to maturity:	7.231%
First call:	July 31, 2022 at 104.125
Trade date:	July 22
Settlement date:	Aug. 5
Ratings:	Moody's: B3
	S&P: B
Distribution:	Regulation S
Fungibility:	Add-on notes will become fungible with the original notes
Original issue:	£950 million priced in July 2020

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