Published on 3/11/2015 in the Prospect News High Yield Daily.
New Issue: Moto Finance prices £175 million notes due 2020 at par to yield 6 3/8%
By Paul A. Harris
Portland, Ore., March 11 – Moto Hospitality plc priced a £175 million issue of second-lien notes due 2020 (//expected B+) at par to yield 6 3/8% on Wednesday, according to a market source.
The yield printed on top of yield talk that had been revised from earlier talk of 6½% to 6¾%.
Joint bookrunner Deutsche Bank will bill and deliver. Commerzbank, Credit Agricole CIB, ING, Investec, Lloyds, Scotia and SG CIB were also joint bookrunners.
The Toddington, England-based operator of motorway service stations plans to use the proceeds, along with cash on hand, to purchase or redeem in full outstanding amounts under Moto’s £176 million 10¼% second-lien notes due 2017.
| Issuer: | Moto Finance plc (Moto Hospitality)
|
| Amount: | £175 million
|
| Maturity: | 2020
|
| Securities: | Second-lien notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), Commerzbank, Credit Agricole CIB, ING, Investec, Lloyds, Scotia, SG CIB
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Two years
|
| Trade date: | March 11
|
| Rating: | Fitch: expected B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 3/8%, revised from 6½% to 6¾%
|
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