LeasePlan LBO bond could relaunch next week - sources

martes 1 de marzo de 2016 11:13 GYT

By Robert Smith

LONDON, March 1 (IFR) - LeasePlan is aiming to price a 1.55bn-equivalent buyout bond as early as next week, according to sources close to the deal, just one month after a sharp sell-off forced underwriters to yank the trade from the market.

The Dutch vehicle-leasing company originally attempted to price the three-tranche bond on February 11, but pulled the transaction after deteriorating credit markets saw investors demand higher-than-expected yields.

A message sent to investors that day said the deal would "be back mid-March market allowing," by which time its full-year 2015 numbers would be ready to issue from.

A banker close to the transaction said these full-year numbers should be finished soon, allowing LeasePlan to "hopefully" return to market next week.

"Full-year numbers should be ready on Monday or Tuesday, so all they need to do is slot them into an offering circular and then they're good to go," he said. "If the deal doesn't launch next week, it'll come the beginning of the following week."

A high-yield fund manager said that he had heard the company was "in a mad rush to get the docs ready".

"Their base case is to price next Friday, after the ECB," he added.

The governing council of the ECB is holding a monetary policy meeting and press conference on Thursday March 10.   Continuación...