U.K.'s Exova shops £155 million eight-year deal to European investors

By Paul Deckelman

New York, Oct. 12 - Exova Ltd. was heard by high-yield syndicate sources Tuesday to be marketing a £155 million issue of eight-year senior unsecured notes to potential investors via a roadshow this week in the British Isles.

That marketing campaign kicked off on Tuesday in London, continues Wednesday in Edinburgh and returns to London on Thursday.

The Regulation S/Rule 144A issue, which will have four years of call protection, will be brought to market via joint bookrunners Barclays Capital Inc., which is handling the billing and delivering, and RBS Securities Inc., the sources said.

The bonds will carry a B3 rating from Moody's Investors Service and a B- from Standard & Poor's.

The bonds are expected to be listed on the Luxembourg Stock Exchange.

In announcing its offering, Exova, a London-based provider of laboratory-based testing and related advisory services, said that the proceeds from the offering will be used to refinance a portion of its outstanding debt and to pay fees and expenses in connection with the offering.

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