By Paul A. Harris
Portland, Ore., May 22 - Integrated Dental Holdings and IDH Finance plc priced £400 million of high-yield notes in three secured tranches on Wednesday, according an informed source.
The deal included a £200 million tranche of senior secured fixed-rate notes due Dec. 1, 2018 (B2), which priced at par to yield 6%.
In addition the company priced a £125 million tranche of senior secured floating-rate notes due Dec. 1, 2018 (B2) at par to yield Libor plus 500 basis points.
The junior tranche was comprised of £75 million of senior secured second-lien fixed-rate notes due June 1, 2019 (Caa1), which priced at par to yield 8½%.
Bookrunner Credit Suisse will bill and deliver.
JPMorgan, ING, Lloyds TSB, Mizuho, SG CIB and UBS were also bookrunners.
The Kearsley, England-based dental services provider plans to use the proceeds to refinance debt.
| Issuer: | IDH Finance plc
|
| Amount: | £400 million
|
| Bookrunners: | Credit Suisse (bill and deliver), JPMorgan, ING, Lloyds TSB, Mizuho, SG CIB, UBS
|
| Trade date: | May 22
|
| Settlement date: | May 30
|
| Registration: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Senior secured fixed-rate notes
|
| Amount: | £200 million
|
| Maturity: | Dec. 1, 2018
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 496 bps
|
| First call: | June 1, 2015 at 103
|
| Rating: | Moody's: B2
|
|
|
| Senior secured floating-rate notes
|
| Amount: | £125 million
|
| Maturity: | Dec. 1, 2018
|
| Coupon: | Libor plus 500 bps
|
| Price: | Par
|
| Yield: | Libor plus 500 bps
|
| First call: | June 1, 2014 at 101
|
| Rating: | Moody's: B2
|
|
|
| Second-lien notes
|
| Amount: | £75 million
|
| Maturity: | June 1, 2019
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 746 bps
|
| First call: | June 1, 2016 at 104.25
|
| Rating: | Moody's: Caa1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
