Silk Bidco plans roadshow for €455 million seven-year secured notes

By Paul A. Harris

Portland, Ore., Jan. 26 – Silk Bidco AS, a joint venture indirectly owned by Home Capital AS, Periscopus AS and investment funds managed by TDR Capital LLP, plans begin a roadshow on Tuesday for a €455 million offering of seven-year senior secured notes, according to a market source.

Silk Bidco plans to use the proceeds to finance its acquisition of Hurtigruten ASA, a Narvik, Norway-based transport company.

The roadshow is scheduled to wrap up on Friday, and the Rule 144A and Regulation S deal is set to price thereafter.

Goldman Sachs International is the bookrunner.

The notes come with three years of call protection.

Hurtigruten provides bus services, and passenger and automobile ferry transportation services, as well as cruise ships, and tourism services.

Silk Bidco plans to pay Hurtigruten shareholders NOK 7.00 per share, valuing the acquisition at NOK 2.94 billion, or about $442.3 million.

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