By Paul Deckelman
New York, Oct. 31 – Arrow Global Finance plc priced a €225 million offering of senior secured floating-rate notes, the company said in a press release.
The notes have a coupon of Euribor plus 525 basis points and were priced Thursday at 97.5.
The coupon will be paid quarterly beginning on March 1, 2015.
The notes will be non-callable for the first three years after issue.
European high yield syndicate sources said that the Rule 144A/Regulation S offering was brought to market via sole bookrunner Goldman Sachs International.
The securities were marketed to potential investors through a roadshow that began on Tuesday and ran through Thursday.
Arrow Global Finance, a wholly-owned indirect subsidiary of Arrow Global Group plc, a Manchester, England-based purchaser of consumer debt and provider of receivables management solutions, plans to use the proceeds from the note offering, along with cash on hand, to fund Arrow Global’s pending £158 million acquisition of the Capquest group, which was announced on Sept. 24, and to repay a portion of amounts drawn under Arrow Global's revolving credit facility.
The notes will be guaranteed by Arrow Global Guernsey Holdings Ltd., a wholly-owned subsidiary of Arrow Global Group plc, and certain of its subsidiaries.
| Issuer: | Arrow Global Finance plc (subsidiary of Arrow Global Group plc)
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| Amount: | €225 million
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| Maturity: | 2021
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| Securities: | Senior secured floating-rate notes
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| Bookrunner: | Goldman Sachs International
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| Coupon: | Euribor plus 525 bps
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| Price: | 97.5
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| Call protection: | Non-callable for three years
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| Trade date: | Oct. 30
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| Settlement date: | Nov. 4
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Roadshow
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