Jaguar to sell notes in $500 million eight-year and €500 million seven-year tranches

By Paul A. Harris

Portland, Ore., July 8 – Jaguar Land Rover Automotive plc plans to sell senior notes (B1/B) in tranches of $500 million and €500 million, according to market sources.

The dollar-denominated tranche features eight-year non-call three-year notes with initial guidance in the mid 5% area. Global coordinator JPMorgan will bill and deliver.

The euro-denominated tranche features seven-year non-call three-year notes with initial guidance in the mid-4% area. Global coordinator BNP Paribas will bill and deliver for the euro-denominated tranche.

BofA, Citigroup, Credit Agricole, Deutsche Bank, Goldman Sachs and HSBC are global coordinators for both tranches.

In addition to the global coordinators, Barclays, Mizuho, Morgan Stanley, MUFG, NatWest, Santander, SG, Standard Chartered, ANZ, DBS, Lloyds and Scotia are bookrunners for both tranches.

The Rule 144A and Regulation S deal was set to kick off on a Thursday conference call with investors and is on a timeline that has it possibly pricing on Friday, a source said.

The prospective issuer, a Coventry, U.K.-based holding company for carmaker Jaguar Land Rover Ltd., a subsidiary of Indian automotive company Tata Motors, plans to use the proceeds for general corporate purposes.

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