By Paul A. Harris
St. Louis, July 23 - Focus Wickes Finance plc priced an upsized two-tranche offering of £290 million of mezzanine notes due July 28, 2011 (B3/B+) in pounds and euros Wednesday, according to a market source. The deal was increased from £225 million.
The company priced £190 million of 10% notes at 89.944 to yield 12% and €140 million of 9¼% notes at 89.673 to yield 11¼%.
ING and Royal Bank of Scotland were joint bookrunners on the Rule 144A/Regulations S (with no registration rights) offering.
Proceeds will be used to repay debt.
The issuer is a London-based operator of retail home improvement stores.
| Issuer: | Focus Wickes Finance plc
|
| Amount: | £290 million equivalent (Increased from £225 million equivalent)
|
| Maturity: | July 28, 2011
|
| Security description: | Mezzanine notes
|
| Bookrunners: | ING, Royal Bank of Scotland
|
| Calls: | Non-callable with make-whole call for first four years; on "exit event" callable beginning in second year at 103, then 102, 101 and par
|
| Settlement date: | July 28, 2003
|
| Ratings: | Moody's: B3
|
| Standard & Poor's B+
|
|
|
| Sterling tranche
|
| Amount: | £190 million
|
| Coupon: | 10%
|
| Price: | 89.944
|
| Yield: | 12%
|
| Spread: | 775.5 basis points
|
|
|
| Euro tranche
|
| Amount: | €140 million
|
| Coupon: | 9¼%
|
| Price: | 89.673
|
| Yield: | 11¼%
|
| Spread: | 745.7 basis points
|
|
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