British Telecommunications PLC (BRITEL)

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British Telecommunications PLC (BRITEL)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	COMM	PRCD	BRITEL	British Telecommunications PLC	-		2	EMEA	Feb 6, 2023

Tranche #1British Telecommunications PLC

currency

EUR

size (m)

800.000

maturity

May 13, 2031

type

Fixed

tenor

8.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

MS+120 a

ipt-pxd

guidance

MS+100 a

spread

coupon

3.75%

spread set

price

99.92200

yield

3.763%

book size (m)

2,600

peak book (m)

x-covered

3.25

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

2,600

peak book (m)

x-covered

3.25

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche #2British Telecommunications PLC

currency

GBP

size (m)

350.000

maturity

Feb 13, 2041

type

Fixed

tenor

18.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

G+225 a

ipt-pxd

guidance

G+205 a

spread

200

coupon

5.75%

spread set

price

99.34100

yield

5.81%

book size (m)

1,650

peak book (m)

x-covered

4.71

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

1,650

peak book (m)

x-covered

4.71

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

8 yr: Book size: 2600; Registration: Reg S Only; Comments: EUR800m 2-tr snr unsec bmk. Baa2/BBB/BBB. BNPP(B&D 8yr)/Santan/MUFG/Lloyds(B&D 18yr). IPTs long 8yr MS+120 area. Guidance MS+100 area exp 750m. Launch 800m at MS+93. Final books c.2.6bn (peak 3.1bn). DBR 0% 02/31 (84.01 / 2.196%). CoC: 100%. MWC: B+25bps. Par Call: 3m. LEI: 549300OWFMSO9NYV4H90; 18 yr: Book size: 1650; Registration: Reg S Only; Comments: EUR350m 2-tr snr unsec bmk. Baa2/BBB/BBB. BNPP(B&D 8yr)/Santan/MUFG/Lloyds(B&D 18yr). IPTs 18yr G+225 area. Guidance G+205 area exp 300m. Launch 350m at G+200. Final books c.2.6bn, (peak 1.65bn). B+156.7, UKT 1.25% 10/41 @66.836 mid, 66.786 bid. CoC: 100%. MWC: B+30bps. Par Call: 3m. LEI: 549300OWFMSO9NYV4H90;

Deal Comments

Joint Bookrunners: SNT, MUF, BNP(B&D) (8yr), LLY(B&D) (18yr)

Guarantor(s)

BT Group PLC

Use of Proceeds

Repay indebtedness and general corporate purposes

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British Telecommunications PLC (BRITEL)

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