A GBP400m senior unsecured RegS issue (expected ratings BB/BB) is now priced for Ladbrokes Group Finance. Due 8 September 2023, the deal pays a semi-annual coupon of 5.125% and has an issue price of 100 to give a spread of +432bp over the 2.25% Sep-2023 UKT. Yield is 5.125%. Joint bookrunners are Barclays, Lloyds , MUFG, RBS (actives) and Mediobanca (joint bookrunner). Pay date 8 November. MWC at 50bp. UoP: To refinance debt facilities. Pari passu with all unsubordinated and unsecured indebtedness. 200k+1k. English law. Listing London.
Price talk: GBP300m @ 5.125% area. Final terms: GBP400m @ 5.125%.
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