By Paul A. Harris
Portland, Ore., Oct. 14 – Odeon Finco plc, an indirect subsidiary of AMC Entertainment Holdings, Inc., priced a $400 million issue of 12¾% five-year senior secured notes (B3/B) at 92 to yield 15.066% on Friday, according to market sources.
The coupon, price and yield came in line with final talk. However, the discount came much deeper than initial discussions, which had the bonds pricing at 95 to 96.
The deal played to a significant amount of reverse inquiry, a sellside source said.
Aftermarket activity in the bonds was extremely thin, according to the sellsider, who took a call from Prospect News shortly after 4:30 p.m. ET on Friday.
Citigroup Global Markets Inc. was the left bookrunner. Joint bookrunners were Barclays, Credit Suisse and Goldman Sachs.
Odeon Finco is a subsidiary of Odeon Cinemas Group Ltd., a private limited company incorporated under the laws of England and Wales. Odeon Cinemas Group is an indirect subsidiary of Leawood, Kan.-based movie exhibitor AMC Entertainment Holdings.
Proceeds from the notes offering will be used to pay off Odeon Cinemas Group's term loan facilities.
| Issuer: | Odeon Finco plc
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| Amount: | $400 million
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| Issue: | Senior secured notes
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| Maturity: | Nov. 1, 2027
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| Left bookrunner: | Citigroup Global Markets Inc.
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| Joint bookrunners: | Barclays, Credit Suisse and Goldman Sachs
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| Coupon: | 12¾%
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| Price: | 92
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| Yield: | 15.066%
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| Spread: | 1,080 bps
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| First call: | Nov. 1, 2024 106.375
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| Trade date: | Oct. 14
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| Settlement date: | Oct. 20
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| Ratings: | Moody's: B3
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12¾% coupon at 92 to yield 15.06%
|
| Marketing: | Roadshow
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