By Rebecca Melvin
Concord, N.H., March 22 – Zenith Automotive Holdings Ltd. sold £475 million of 6½% green senior secured notes due June 30, 2027 (B1/B+) at par, according to a notice.
As previously reported, joint global coordinator and physical bookrunner HSBC billed and delivered. Barclays was also a joint global coordinator and physical bookrunner.
Goldman Sachs International and NatWest Markets were joint bookrunners.
The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.
The issuing entity will be Zenith Finco plc.
The Leeds, U.K.-based independent vehicle leasing, outsourcing and fleet management services provider plans to use the proceeds to repay debt.
| Issuer: | Zenith Finco plc
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| Guarantor: | Zenith Automotive Holding Ltd.
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| Amount: | £475 million
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| Issue: | Green secured notes
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| Maturity: | June 30, 2027
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| Bookrunners: | HSBC, Barclays, Goldman Sachs International and NatWest Markets
|
| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Call feature: | Non-callable for two years, then callable at par plus 50% of coupon
|
| Announcement date: | March 22
|
| Ratings: | Moody’s: B1
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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