Stonegate Starts Debt Refinancing With £250 Million From TDR
- Barclays leads banks marketing about £670 million of bonds
- Deal caps months of talks over Stonegate’s capital structure
The company and its owner have been in talks with creditors for months over how to extend upcoming maturities.
Photographer: Betty Laura Zapata/BloombergThis article is for subscribers only.
Stonegate Pubs, the UK’s biggest pub operator, is starting a large debt refinancing with a bond sale and a £250 million cash injection from its private equity owner TDR Capital.
The company is selling the equivalent of around £2.1 billion ($2.7 billion) in bonds, which will be split between sterling fixed-rate and euro floating-rate senior secured notes, according to a person familiar with the matter. Only about £670 million will be marketed by banks led by Barclays Plc. The rest is to be bought by existing investors, the person said.