Together starts roadshow for £380 million six-year PIK toggle notes

By Paul A. Harris

Portland, Ore., Oct. 18 – Bracken Midco1 plc, the indirect parent of Together Financial Services Ltd., started a telephone roadshow on Monday for a £380 million offering of six-year senior PIK toggle notes (expected ratings B+/B), according to a market source.

The roadshow wraps up on Wednesday.

Global coordinator and joint physical bookrunner Citigroup will bill and deliver. HSBC is also a global coordinator and joint physical bookrunner. Barclays, Credit Suisse, Goldman Sachs and JPMorgan are joint bookrunners.

Cash interest payments on the Rule 144A and Regulation S notes will be made on a pay-if-you-can basis, with provision for 75 basis points coupon step-ups for PIK payments.

The notes become callable after two years at par plus 50% of the coupon.

The Lake View, Lakeside, Cheadle, U.K.-based financial services provider plans to use the proceeds to redeem its 8 7/8%/10 3/8% senior PIK toggle notes due 2023 and for general corporate purposes.

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