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Soho House calls £145 million 9 1/8% senior secured notes at 106.844
By Susanna Moon
Chicago, Sept. 24 – Soho House Bond Ltd. said it will redeem its £145 million principal amount of 9 1/8% senior secured notes due 2018.
The notes will be redeemed at 106.844 plus accrued interest from Oct. 1 to but excluding the redemption date of Oct. 17, according to a company notice.
Societe Generale Bank & Trust (fax +352 24 15 75) is the principal paying agent. Wells Fargo Bank, NA is the trustee.
The redemption is conditioned upon the issue of at least £190 million of new senior secured notes due 2020 and the signing of a £30 million new senior secured credit facility by the redemption date.
As reported Sept. 23, Soho House had talked its £200 million offering of five-year senior secured notes to yield in the 8¾% area, with European books set to close at 7 a.m. ET on Thursday. Books for accounts in the United States were set to close at 8:30 a.m. ET on Thursday.
The company then postponed the deal the following day, citing market conditions, as reported by Prospect News.
Soho House operates exclusive, private membership clubs as well as hotels, restaurants and spas.
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