By Paul A. Harris
Portland, Ore., Oct. 21 – Bracken Midco1 plc, the indirect parent of Together Financial Services Ltd., priced a £380 million issue of six-year senior PIK toggle notes (B+/B) at par with a cash yield of 6¾% on Wednesday, according to market source.
The yield printed in the middle of yield talk in the 6¾% area and tight to initial guidance of 6¾% to 7%.
The notes pay a cash coupon of 6¾%, which steps up by 75 basis points to 7½% for PIK payments. Cash interest payments will be made on a pay-if-you-can basis.
Global coordinator and joint physical bookrunner Citigroup will bill and deliver. HSBC is also a joint global coordinator and physical bookrunner. Joint bookrunners are Barclays, Credit Suisse, Goldman Sachs and JPMorgan.
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.
| Issuer: | Bracken Midco1 plc
|
| Amount: | £380 million
|
| Maturity: | Nov. 1, 2027
|
| Securities: | Senior PIK toggle notes
|
| Physical bookrunners: | Citigroup (bill and deliver) and HSBC
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| Joint bookrunners: | Barclays, Credit Suisse, Goldman Sachs and JPMorgan
|
| Cash coupon: | 6¾%
|
| PIK coupon: | 7½%
|
| Price: | Par
|
| Cash yield: | 6¾%
|
| First call: | Nov. 1, 2023 at 103.375
|
| Trade date: | Oct. 20
|
| Settlement date: | Nov. 1
|
| Ratings: | S&P: B+
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% area
|
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