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Arrow Global sets talk for dual-currency notes; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 6 – Arrow Global Finance plc set price talk in its dual-currency offering of senior secured notes, according to a market sources.
The deal includes €150 million of eight-year senior secured floating-rate notes, with two years of call protection, talked at Euribor plus 350 basis points to 375 bps.
In addition, there is a £120 million add-on to the 5 1/8% senior secured notes due Sept. 15, 2024, which are callable Sept. 15, 2019 at 102.563. The notes are talked at 99.5 to 99.75. The original £220 million issue priced at par in September 2016.
Pricing is expected on Wednesday.
HSBC and JPMorgan are the global coordinators and physical bookrunners. ABN Amro, DNB Markets, Lloyds and NatWest are bookrunners.
The Manchester, England-based purchaser of consumer debt and provider of receivables management solutions plans to use the proceeds from the Rule 144A and Regulation S deal to refinance debt.
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