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Arrow Global amends and extends consent solicitation for 7 7/8% notes
By Jennifer Chiou
New York, March 17 – Arrow Global Group plc announced changes to the consent solicitation for its £220 million of 7 7/8% senior notes due 2020.
First, the solicitation now ends at 1 p.m. ET on March 19, pushed back from March 17. It began on March 9.
Second, the company said it has determined that it is in its best interest to limit the previously announced proposed amendments.
As reported, 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 initial 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.
The company did not specify the specific limits to those proposed amendments.
Arrow Global said it will pay £5.00 per £1,000 principal amount of notes to holders who deliver valid consents.
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 the solicitation agent, and Bank of New York Mellon, London Branch (44 1202 689644 or debtrestructuring@bnymellon.com) is the 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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