Related Issuers
by Stephen Carter
Jul 26, 2023 6:34 AM ET
Iceland Bondco plc (ICELTD) GBP475m equivalent (GBP/EUR) 144A/Reg S sr sec notes two-part. B3/B/B+ (positive/stable/stable). Via HSBC (B&D and logistics)/JPM jt glocos and physical books. No reg rights. List ISE. NY law.
- GBP TBD fixed rate notes due Dec 2027 (4.5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT mid-to-high 11s. Px talk: 11.25%-11.50% yield.
- EUR TBD FRN due Dec 2027 (4.5y). NC1 (MWC B+50bp) (101,par). IPT 3mE+550bp at 96-97 OID. Px talk: 3mE+550bp at 97.
Roadshow Mon-Tues (investor call at 12:30pm UKT Mon). Books close at 2:30pm UKT today. Pricing today UK afternoon. UOP: along with GBP25m of cash on hand, to fund the tender offer for GBP500m of its GBP550m 4.625% sr sec notes due 03/15/25 (tender price 100, HSBC/JPM dealer managers) (notes not tendered will be called at 100). Biz: U.K. multi-channel food retailer specializing in frozen food, complemented by an extensive and expanding fresh, chilled and ambient offerings. HQ: Deeside, Wales, UK.