Together Financial sets roadshow for £350 million five-year notes

By Paul A. Harris

Portland, Ore., Sept. 14 – Bracken Midco1 plc, the indirect parent of Together Financial Services Ltd., plans to run a Monday to Wednesday roadshow for a £350 million offering of senior PIK toggle notes due 2023 (//B), according to a market source.

Global coordinator Credit Suisse will bill and deliver for the Rule 144A and Regulation S offering. Citigroup is also a global coordinator. Barclays and JPMorgan are joint bookrunners.

The notes come with two years of call protection.

Proceeds, together with cash from Together Financial Services Ltd., will be used to repurchase or redeem the senior PIK toggle notes due 2021, as well as to provide Bracken Topco Ltd. with the funds required to pay off outstanding vendor notes and make a distribution to Topco's shareholder, including payment of accrued interest on certain shareholder debt and making a dividend payment to shareholders.

The prospective issuer is a Lake View, Lakeside, Cheadle, U.K.-based financial services provider.

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