Travelodge to issue £360m high yield debt

Discount hotel-chain operator Travelodge Plc is looking to price the year’s first sterling high-yield bond. Previous issuance was last conducted in November 2015.

Investors were demanding a higher premium for the £360m seven-year senior secured debt, which, according to sources, could be priced at a high-8% yield on the fixed-rate tranche and 700 to 750bp over Libor on the floating-rate tranche.

Goldman Sachs and Barclays are the global coordinators on the transaction, which is scheduled to price later this week. 

Source: Reuters

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