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U.K.’s mydentist sets talk in £425 million two-part notes offering
By Paul A. Harris
Portland, Ore., July 22 – IDH Finance plc, a special purpose vehicle for mydentist, set price talk for a £425 million two-part offering of six-year senior secured notes, according to a stabilization notice posted on Friday.
A tranche of fixed-rate notes, which come with 2.5 years of call protection, is talked to yield 6¼% to 6½%.
A tranche of floating-rate notes, which come with one year of call protection, is talked to price at 99 with a 600 basis points spread to Libor.
The stabilization period was scheduled to commence on Friday.
Global coordinator Credit Suisse will bill and deliver. JPMorgan is also a global coordinator. Goldman Sachs, ING, Lloyds, Mizuho, SG CIB and Royal Bank of Scotland are joint bookrunners.
The Manchester, England-based company plans to use the proceeds to repay debt.
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