By Paul A. Harris
Portland, Ore., Sept. 29 – Cabot Financial (Luxembourg) SA priced a £350 million issue of seven-year senior secured notes (B+) at par to yield 7½% on Thursday, according to a market source.
The yield printed at the wide end of the 7¼% to 7½% yield talk.
JPMorgan, Credit Suisse and HSBC managed the sale.
The West Malling, England-based credit management services provider plans to use the proceeds from the deal to redeem in full its £265 million of senior secured notes due 2019, plus accrued interest, and to partially repay its revolving credit facility.
| Issuer: | Cabot Financial Luxembourg SA
|
| Amount: | £350 million
|
| Maturity: | Oct. 1, 2023
|
| Securities: | Senior secured notes
|
| Managers: | JPMorgan, Credit Suisse, HSBC
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call protection: | Three years
|
| Trade date: | Sept. 29
|
| Rating: | S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¼% to 7½%
|
| Marketing: | Roadshow
|
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