By Paul A. Harris
Portland, Ore., Oct. 29 – Bellis Acquisition Co. plc, the holding company of U.K.-based supermarket chain operator Asda, priced a £500 million issue of 4½% senior secured notes due Feb. 15, 2026 (Ba3//BB+) at par to yield 4.502% on Friday, according to a market source.
The yield printed at the tight end of the 4½% to 4¾% yield talk and tighter than initial guidance of 4¾% to 5%.
The notes come with the same maturity date and call dates as those of the company's existing sterling-denominated senior secured notes.
Left physical bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S offering. Deutsche Bank is also a joint physical bookrunner. BofA, Lloyds, Morgan Stanley, Rabobank and HSBC are joint bookrunners.
Bellis Acquisition was formed by the Issa Brothers and TDR Capital to effect the acquisition of Asda from Walmart Inc. in a transaction that closed in February 2021.
Proceeds from the notes will be used to repay amounts drawn on a bridge loan put in place for that acquisition.
| Issuer: | Bellis Acquisition Co. plc
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| Amount: | £500 million
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| Maturity: | Feb. 15, 2026
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| Securities: | Senior secured notes
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| Left physical bookrunner: | Barclays (bill and deliver)
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| Joint physical bookrunner: | Deutsche Bank
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| Joint bookrunners: | BofA, Deutsche Bank, Lloyds, Morgan Stanley, Rabobank and HSBC
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| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4.502%
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| Spread: | 382 bps
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| First call: | Feb. 24, 2023 at 102.25
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| Trade date: | Oct. 29
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| Settlement date: | Nov. 5
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| Ratings: | Moody's: Ba3
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 4½% to 4¾%
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