E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 2/21/2018 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Galaxy Bidco offers floaters due 2020 in exchange for issue due 2019, issues contingent call

By Susanna Moon

Chicago, Feb. 21 – Galaxy Bidco Ltd. is offering to exchange its outstanding floating-rate senior secured notes due 2019 for new floaters due 2020.

In exchange, the company is offering new floating-rate senior secured notes due 2020 with a minimum interest rate of Libor plus 450 basis points, subject to a floor of zero.

Galaxy will issue £1,000 principal amount of new floaters plus a cash payment of £2.50 for each £1,000 principal amount.

The exchange offer will end at 11 a.m. ET on March 1 and is expected to settle on March 8.

Holders will also receive accrued interest up to but excluding the settlement date.

Along with settlement of the exchange, the company plans to redeem any outstanding Rule 144A notes or Regulation S notes that are not tendered in the offer or any Regulation S notes that were tendered but not accepted for any reason with proceeds of additional debt or cash on hand, according to a company announcement.

In connection with the transactions, the company said it plans to extend the maturity of its revolving credit facility to Nov. 1, 2020 and to increase commitments to £100 million.

The amount of restricted payments capacity under the company’s consolidated net income build-up basket under its existing indenture is about £75 million, and the company said it may choose to use some or all of that in order to make a distribution to its shareholders.

The dealer manager is Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com). The exchange agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or galaxy@lucid-is.com).

In a separate notice, Galaxy issued a conditional redemption notice for the floaters due 2019.

The notes will be redeemed on March 8 at par plus accrued interest to but excluding the redemption date, if the financing condition is met.

Deutsche Bank Trustee Co. Ltd. is the trustee, and Deutsche Bank AG, London Branch is the principal paying agent.

Galaxy Bidco issues various financial instruments and is based in Skelmersdale, U.K. Galaxy Bidco is a subsidiary of Galaxy Topco Ltd.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.