Published on 3/14/2017 in the Prospect News High Yield Daily.
New Issue: Moto Hospitality prices £150 million 5.5-year secured notes at par to yield 4½%
By Paul A. Harris
Portland, Ore., March 14 – Moto Hospitality priced a £150 million issue of 5.5-year second-lien notes (//expected B+) at par to yield 4½% on Tuesday, according to a market source.
The yield printed at the tight end of the 4½% to 4¾% yield talk.
Joint bookrunner Deutsche Bank will bill and deliver. Commerzbank, Credit Agricole, HSBC, ING, Investec, Lloyds, NatWest, Santander and Scotia were also joint bookrunners.
The operator of motorway service stations, which is based in Toddington, England, plans to use the proceeds to refinance debt.
| Issuer: | Moto Finance plc
|
| Amount: | £150 million
|
| Maturity: | Oct. 1, 2022
|
| Securities: | Second-lien notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), Commerzbank, Credit Agricole, HSBC, ING, Investec, Lloyds, NatWest, Santander, Scotia
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 394 bps
|
| Call: | Make-whole call at Gilts plus 50 bps until March 15, 2019, then callable at 102.25
|
| Equity clawback: | 40% at 104.5 until March 15, 2019
|
| Trade date: | March 14
|
| Settlement date: | March 24
|
| Expected rating: | Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% to 4¾%
|
| 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.
