Voyage Care marketing £250 million two-part first-lien, second-lien notes; pricing this week

By Paul A. Harris

Portland, Ore., April 19 – Voyage Care BondCo plc is marketing £250 million of secured notes in two tranches through Thursday, according to a market source.

The Rule 144A and Regulation S offering includes £210 million of six-year senior secured notes, which come with two years of call protection, and £40 million of 6.5-year second-lien notes, which come with 2.5 years of call protection.

JPMorgan is leading the sale.

Proceeds, together with equity to be injected in Voyage BidCo Ltd. by certain of its shareholders, an expected draw on a new revolving credit facility and cash on hand, will be used to fully redeem the £222 million of 6½% senior secured notes due 2018 and £50 million of 11% second-lien notes due 2019 on May 13 and to fund working capital requirements.

The prospective issuer is a Cannock, England-based services provider for individuals with disabilities.

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