Care UK starts roadshow for £400 million two-part floating-rate notes

By Paul A. Harris

Portland, Ore., July 1 – Care UK began a roadshow on Tuesday for a £400 million two-part offering of senior secured floating-rate notes, according to a market source.

The roadshow wraps up on Wednesday, and the deal is set to price thereafter.

The deal is structured as a £300 million tranche of five-year first-lien notes and a £100 million tranche of 5.5-year second-lien notes.

Credit Suisse and Citigroup are the global coordinators. HSBC, ING and Royal Bank of Scotland are the joint bookrunners.

The notes in both tranches come with one year of call protection.

The Colchester, England-based health and social care provider plans to use the proceeds to refinance debt.

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