Lowell/Garfunkelux to sell £1.61 billion equivalent senior notes

Chicago, Oct. 21 – Credit management firm Lowell announced in a Wednesday press release that it plans to sell £1.613 billion equivalent of senior secured notes through Garfunkelux Holdco 3 SA as issuer.

The Rule 144A and Regulation S issue will be a combination of euro- and sterling-denominated fixed-rate notes and euro-denominated floating-rate notes.

Proceeds, together with contributions from its direct and indirect shareholders of £600 million, will be used for debt repayment.

Specifically, the firm plans to fully redeem the issuer’s £565 million 8½% senior secured notes due 2022, its €365 million 7½% senior secured notes due 2022, its €415 million floating-rate senior secured notes due 2023, its €530 million floating-rate senior secured notes due 2023 and its SEK 1.2 billion floating-rate senior secured notes due 2023.

Additionally, the company will fully redeem Garfunkelux’s £230 million 11% senior notes due 2023.

The group’s revolver will be partially repaid.

Proceeds can also be used for general corporate purposes, which may include future debt portfolio purchases or debt repayment or redemption, and for fees and expenses in connection with the offering and related transactions.

Additionally, the group will be amending and restating its revolver, including extending the maturity.

Lowell maintains headquarters in Leeds, England, and Essen, Germany.

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