Phones4u gets PIK toggle done swiftly at 10.25%

Phones4u, the UK mobile phone retailer, has priced its £205m PIK toggle bond, after a swift marketing process that began with a roadshow in London on Monday and Tuesday.

  • By Jon Hay
  • 18 Sep 2013

Physical bookrunner Goldman Sachs, with Lloyds as an additional bookrunner, priced the bond today at a yield of 10.25%, the tight end of a 25bp range.

Rated Caa2/CCC+, the bond is being issued through Phosphorus Holdco Plc to finance a £220m distribution to shareholders, led by BC Partners.

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