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Arrow Global seeks consents to align terms of 7 7/8% notes due 2020
New York, March 9 – Arrow Global Group plc announced a consent solicitation for its £220 million of 7 7/8% senior notes due 2020.
The company along with subsidiary Arrow Global Finance plc is looking to amend the terms of the note indenture to harmonize the covenants and other provisions with its €225 million of floating-rate senior secured notes due 2021 issued on Nov. 4, 2014.
Arrow Global said in an announcement that the covenants in the new notes “better reflect both our current size and scale compared to when the [7 7/8%] notes were issued, including as a result of the acquisition of the Capquest Group on Nov. 28, 2014, and better reflect the ways in which the market for available debt portfolios is evolving.”
The covenants for the new notes “provide us with greater flexibility to access the evolving market for debt portfolios, Arrow Global said, adding that the indenture also reflects the company’s structure following the initial public offering of AGG shares in October 2013.
Arrow Global will pay £5.00 per £1,000 principal amount of notes to holders who deliver valid consents.
The solicitation ends at 1 p.m. ET on March 17.
To amend the notes, Arrow Global needs consents from holders of a majority of the notes.
Goldman Sachs International at (+44 20 7774 9862 or liabilitymanagement.eu@gs.com) is solicitation agent, and Bank of New York Mellon, London Branch (+44 1202 689644 or debtrestructuring@bnymellon.com) is tabulation agent.
Arrow Global is based in London. It acquires and manages defaulted debt portfolios originated by financial institutions or initial credit providers to consumers.
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