Arrow Global upsizes to £200 million, talks seven-year notes to yield 8%-8¼% for Tuesday pricing

By Paul A. Harris

Portland, Ore., Jan. 22 - Arrow Global Finance plc upsized its offering of seven-year senior secured notes (confirmed B2/expected BB-) to £220 million from £200 million, a market source said on Tuesday.

Official price talk is 8% to 8¼%; however, the deal is expected to price inside of the price talk late Tuesday, U.K. time, the source added.

Joint bookrunner Goldman Sachs International will bill and deliver. JPMorgan is also a joint bookrunner. Royal Bank of Scotland is the co-manager.

The Rule 144A and Regulation S notes come with three years of call protection.

Proceeds will be used to repay debt.

The prospective issuer is a Manchester, England, purchaser of defaulted consumer debt.

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