02/12/21 Iceland Bondco plc (ICELTD) GBP250m 144A/Reg S sr sec 1st lien notes due 05/15/28 (7.25y). NC3 (02/15/24) (MWC G+50), then at 102.188, 101.094, 100. Equity claw: 3y 40% at 104.375. Special call: 10% per year the first 3 years at 103. B2/B/B+ (stable/stable/stable). Via HSBC sole. No reg rights. NY law. List ISE. Settles 02/22 (T+6). Reg S ISIN: XS2304198331. IPT: mid-high 4s. Px talk: 4.50% area (+/-0.125%). Priced: 4.375% at 100. +409bp vs UKT 0.125% 01/31/28. Virtual roadshow 02/10-11 (global webinar at 12:30pm UKT 02/10). Books closed at 10am UKT 02/12. UOP: redeem its GBP170.2m 6.75% sr sec 1st lien notes due 07/15/24 (callable at 102.25), repay GBP20m term facility, GBP53m cash on the B/S, GCP. Biz: U.K. food retailer specializing in frozen food, complemented by an extensive and expanding fresh, chilled and ambient offerings. HQ: Deeside, Flintshire, UK.
Use of Proceeds
Pay related transaction fees and expenses and general corporate purposes