By Paul A. Harris
Portland, Ore., Sept. 1 – Arrow Global Finance plc priced a £220 million issue of eight-year senior secured notes (existing B1/confirmed BB) at par to yield 5 1/8% on Thursday, according to a market source.
The yield printed 12.5 basis points beneath the tight end of the 5¼% to 5½% yield talk.
The roadshow was cut short; when the deal was announced it was scheduled to be in the market until Friday.
Goldman Sachs International, HSBC and JPMorgan were the global coordinators and physical bookrunners for the Rule 144A and Regulation S offering.
The Manchester, England-based purchaser of consumer debt and provider of receivables management solutions plans to use the proceeds to refinance its £220 million of 7 7/8% senior secured notes due 2020.
| Issuer: | Arrow Global Finance plc
|
| Amount: | £220 million
|
| Maturity: | Sept. 15, 2024
|
| Securities: | Senior secured notes
|
| Bookrunners: | Goldman Sachs International, HSBC, JPMorgan
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 465 bps
|
| First call: | Sept. 15, 2019: 102.563
|
| Trade date: | Sept. 1
|
| Settlement date: | Sept. 9
|
| Ratings: | Moody's: B1 expected
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Roadshow
|
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