Stonegate Pub Company £595 million high yield issue

Overview:

• Stonegate Pub Company has issued £595 million in high yield notes.
• The issue consisted of £405 million 4.875% senior secured notes due 2022 and £190 million floating-rate senior notes due 2022 and was made pursuant to Rule 144A/Reg S.
• Barclays acted as bookrunner.
• The funds raised will be used to redeem existing notes and pay back an investment made in the company by its parent.
• At the same time the company also took out a new revolving credit facility.
• Stonegate is a pub company operating 689 venues across the UK.

Sam Duke - Editor