Stonegate preps bond sale for Ei takeover

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By Silas Brown
20 Jul 2020

UK pub owner Stonegate held calls with investors on Monday for a bond issue, to partly refinance £2.73bn worth of acquisition facilities used to acquire a larger competitor, Ei. Stonegate is set to be one of the first UK borrowers hit by coronavirus to sell high yield notes.

Stonegate said on Monday it intended to sell £950m of five year fixed rate notes, as well as €300m of 2025 floating rate notes. This is the second largest high yield sterling tranche ever, according to research from 9fin, after a £1.1bn issue from Virgin Media in 2013. ...

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