Arrow Global sets contingent call for €230 million floaters due 2023

By Susanna Moon

Chicago, March 6 – Arrow Global Finance plc issued a conditional redemption notice for its €230 million senior secured floating-rate notes due 2023.

The notes will be redeemed on March 15 at par plus a call premium and accrued interest to but excluding the redemption date.

The record date will be March 14.

The call premium will be set using the Bund rate published on the fifth business day before the redemption date, according to the notice.

For example, the company said, if pricing had been set using the Bund rate on March 2, the premium would have been 6.62% and the total amount payable on the redemption date would have been €1,068.05 per €1,000 principal amount, including €1.85 per €1,000 of accrued interest.

The paying agent is Bank of New York Mellon, London Branch.

The call is contingent on the company obtaining enough proceeds from an offering of new senior secured notes to fund the redemption.

As reported March 5, Arrow will sell €250 million eight-year senior secured floating-rate notes to finance the redemption.

Arrow Global Finance is a subsidiary of Arrow Global Group plc, a Manchester, England-based company that purchases debt from banks, credit card companies and telecommunications businesses.

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