By Paul A. Harris
Portland, Ore., July 16 – Constellation Automotive Financing plc priced an upsized £695 million issue of 4 7/8% six-year senior secured notes (B2/B-) at par to yield 4.877% on Friday, according to a market source.
The deal, upsized from £650 million, had been in the market with guidance in the low 5% area.
Global coordinator and left bookrunner Barclays will bill and deliver.
HSBC and Santander worked as joint bookrunners.
The England-based digital used-vehicle marketplace plans to use the proceeds to help refinance and recapitalize the company.
With the £45 increase to the bond deal, the concurrent term loan was downsized by the same amount, to £740 million equivalent from £785 million equivalent.
| Issuer: | Constellation Automotive Financing plc
|
| Amount: | £695 million increased from £650 million
|
| Maturity: | July 15, 2027
|
| Securities: | Senior secured notes
|
| Global coordinators: | Barclays, HSBC
|
| Left bookrunner: | Barclays (bill and deliver)
|
| Joint bookrunners: | HSBC, Santander
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4.877%
|
| Spread: | 445.6 basis points
|
| First call: | July 15, 2023 at 102.4375
|
| Trade date: | July 16
|
| Settlement date: | July 28
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
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