Viridian announces €600 million equivalent two-part notes offering

By Paul A. Harris

Portland, Ore., Sept. 11 – Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC announced in a Monday press release that they are offering €600 million equivalent of senior secured notes (B1) via Rule 144A and Regulation S.

The deal is coming in the form of sterling-denominated notes due 2024 and euro-denominated notes due 2025.

Proceeds, together with amounts received in relation to the settlement of certain forward foreign exchange contracts and cash on balance sheet, will be used to pay off €540 million of Viridian Group FundCo II Ltd. 7½% senior secured notes due 2020 and pay a £60 million dividend to Viridian Topco Ltd.

The prospective issuer is a Belfast, Northern Ireland-based electric utility.

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