Related Issuers
by Stephen Carter
Jul 26, 2023 1:09 PM 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. Settles 08/09 (T+10).
- GBP265m fixed rate notes due 12/15/27 (4.5y). NC2 (08/15/25) (MWC G+50bp), then at 105.438, 102.719, 100. Equity claw: 2y 40% at 110.875. Special call: 10% per year the first 2 years at 103. Pays May 15 and Nov 15, starting 11/15/23. Reg S ISIN: XS2660424008. IPT mid-to-high 11s. Px talk: 11.25%-11.50% yield. Final terms: GBP265m 10.875% at 99.204, yield 11.125%. Priced: 10.875% at 99.204, yield 11.125%. +648bp vs UKT 4.25% 12/07/27.
- EUR250m FRN due 12/15/27 (4.5y). NC1 (08/15/24) (MWC B+50bp), then at 101, 100. Pays Feb 15, May 15, Aug 15 and Nov 15, starting 11/15/23. Reg S ISIN: XS2660425401. IPT 3mE+550bp at 96-97 OID. Px talk: 3mE+550bp at 97. Final terms: EUR250m 3mE+550bp at 97.00. Priced: 3mE+550bp (0% floor) at 97.00.
Roadshow Mon-Tues (investor call at 12:30pm UKT Mon). Books closed at 2:30pm UKT today. Re-commitments were due 3:30pm UKT today. UOP: along with GBP39m 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.