By Paul A. Harris
Portland, Ore., April 27 – Travelex Financing plc priced a €360 million issue of five-year senior secured notes (B3/B-) at par to yield 8% on Thursday, according to a market source.
The yield printed in the middle of yield talk that had been set in the 8% area.
Global coordinator and bookrunner JP Morgan will bill and deliver. Barclays and BofA Merrill Lynch were also global coordinators and bookrunners.
Deutsche Bank and Goldman Sachs were joint bookrunners.
The London-based foreign exchange company plans to use the proceeds to repay Travelex Financing’s 8% senior secured notes due 2018 and floating-rate notes due 2018.
| Issuer: | Travelex Financing plc
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| Amount: | €360 million
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| Maturity: | May 15, 2022
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| Securities: | Senior secured notes
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| Global coordinators and joint bookrunners: | JP Morgan (bill and deliver), Barclays, BofA Merrill Lynch
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| Joint bookrunners: | Deutsche Bank, Goldman Sachs
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Call: | Make-whole call at Treasuries plus 50 bps until May 15, 2020, then callable at 108
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| Trade date: | April 27
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| Ratings: | Moody’s: B3
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 8% area
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| Marketing: | Roadshow
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