by Chris Reich
Sep 17, 2021 11:56 AM ET
The Bidvest Group (UK) plc exp Ba2/NR/BB US$800m 144A/Reg S 5y sr notes due 9/23/26. NC2 (9/23/23), then at 101.813, 100.906, 100. BofA (B&D)/Barc/BNP/Citi/Absa/Rand Merchant/Standard Bank joint books. Guarantor: The Bidvest Group Ltd. 101 CoC. Covenants: Change of Control; Negative Pledge; Debt Incurrence (incl. 3.0x Net Leverage Ratio); Restricted Payments; Additional Guarantors; Asset Sales. List LSE. English Law. UOP: Repayment of RCF Drawings in the New Syndicated Facility, repayment of local currency bonds and general corporate purposes (which may include future bolt-on acquisitions). NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=ccdcceb9 / BIDVEST21. Pricing 9/16. Settle 9/23 (T+5).
IPTs: 4.125% area.
GUIDANCE: 3.875% area. Orderbooks over $2bn.
UPDATE: yield set at 3.625%#. Size set at $800m. Global books over $2.8bn.
PRICED: $800m 3.625% 9/23/26 100.00 3.625%. T+279.4.