McLaren raised $620mn via a 5NC2 bond at a yield of 7.5%, 25bp inside initial guidance of 7.75% area. The bonds are rated Caa1/CCC+/B, and received orders over $4bn, 6.5x issue size. Proceeds will be used to refinance their 2022s, existing super senior revolving credit facility and add cash to their balance sheet. Bloomberg notes that the 7.5% yield is ~1.5% more than the average CCC-rated dollar denominated credit.
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