By Paul A. Harris
Portland, Ore., June 21 – PEU (FIN) Ltd., a wholly owned indirect subsidiary of Pepco Group NV, priced an upsized €375 million issue of five-year senior secured notes (Ba3//BB+) at par to yield 7¼% on Wednesday, according to market sources.
The issue size increased from €300 million.
The yield printed 12.5 basis points inside of yield talk in the 7½% area. Initial guidance was in the high-7% area.
Citigroup, Goldman Sachs, ING and JPMorgan managed the notes sale.
The U.K.-based retailer plans to use the proceeds plus balance sheet cash to repay bank debt.
| Issuer: | PEU (FIN) Ltd.
|
| Amount: | €375 million
|
| Issue: | Senior secured notes
|
| Tenor: | Five years
|
| Managers: | Citigroup, Goldman Sachs, ING and JPMorgan
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call protection: | Two years
|
| Trade date: | June 21
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% area
|
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