By Paul A. Harris
Portland, Ore., Sept. 26 – Keepmoat Group raised £260 million by selling 9½% five-year secured notes (B3/B-/) at 99.02 to yield 9¾% on Friday, according to a market source.
The yield printed 62.5 basis points beyond the wide end of yield talk in the 9% area.
Joint physical bookrunner Lloyds TSB will bill and deliver. JPMorgan was also a joint physical bookrunner. RBC was also a bookrunner.
The Doncaster, England-based home builder plans to use the proceeds, along with equity and cash on its balance sheet, to finance the acquisition of the company by TDR Capital and Sun Capital and to repay debt.
| Issuer: | Keystone Financing plc
|
| Face amount: | £263 million
|
| Proceeds: | £260 million
|
| Maturity: | Oct. 15, 2019
|
| Securities: | Senior secured notes
|
| Physical bookrunners: | Lloyds TSB (bill and deliver), JPMorgan
|
| Bookrunner: | RBC
|
| Coupon: | 9½%
|
| Price: | 99.02
|
| Yield: | 9¾%
|
| Spread: | 797 bps
|
| First call: | Oct. 15, 2016 at 104.75
|
| Trade date: | Sept. 26
|
| Settlement date: | Oct. 3
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation for life
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
