By Paul A. Harris
Portland, Ore., July 11 - VUE Entertainment priced £550 million equivalent of seven-year senior secured notes (B2/B/) in two tranches on Thursday, according to a market source.
The deal included a £300 million tranche of fixed-rate notes, which priced at par to yield 7 7/8%.
The yield printed on top of yield talk that was revised tighter from earlier talk of 8% to 8¼%.
In addition the company priced a €290 million tranche of Euribor plus 525 basis points floating-rate notes at 99.5.
The spread and reoffer price came on top of revised talk. Earlier talk was Euribor plus 525 bps to 550 bps at 99.25 to 99.5.
Joint global coordinator and joint bookrunner Goldman Sachs International will bill and deliver. Morgan Stanley was also a joint global coordinator and joint bookrunner. Lloyds TSB was also a joint bookrunner.
The issuing entity was special purpose vehicle Vougeot Bidco plc.
Proceeds will be used to fund the buyout of the London-based chain of cinema operators by Alberta Investment Management Corp. and the Ontario Municipal Employees Retirement System.
| Issuer: | Vougeot Bidco plc (VUE Entertainment)
|
| Amount: | £550 million equivalent
|
| Maturity: | July 15, 2020
|
| Securities: | Senior secured notes
|
| Global coordinators: | Goldman Sachs International (bill and deliver), Morgan Stanley
|
| Bookrunners: | Goldman Sachs, Morgan Stanley, Lloyds
|
| Trade date: | July 11
|
| Settlement date: | July 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | £300 million
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 602 bps
|
| First call: | July 15, 2016 at 103.928
|
| Price talk: | 7 7/8%, revised from 8% to 8¼%
|
|
|
| Floating-rate notes
|
| Amount: | €290 million
|
| Coupon: | Euribor plus 525 bps
|
| Price: | 99.5
|
| First call: | July 15, 2014 at 101
|
| Price talk: | Euribor plus 525 bps at 99.5, revised from Euribor plus 525 to 550 bps at 99.25 to 99.5
|
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