Spain’s WiZink sets roadshow for €515 million of five-year secured PIK toggle notes

By Paul A. Harris

Portland, Ore., July 25 – WiZink plans to start a roadshow on Thursday in Paris and Frankfurt for a €515 million offering of five-year senior secured PIK toggle notes (expected ratings B+/BB-), according to a market source.

The roadshow moves to London’s West End on Friday, London City on Monday and to Milan and Amsterdam on Tuesday.

Joint physical bookrunner Goldman Sachs International will bill and deliver for the Rule 144A and Regulation S offer. UBS is also a joint physical bookrunner. NatWest Investments is a joint bookrunner.

The notes come with two years of call protection.

The issuing entity will be Mulhacen Pte. Ltd.

Proceeds will be used by Varde Partners Inc. to finance stock purchases related to its acquisition of the remaining 49% stake in WiZink, a Madrid-based digital bank that specializes in revolving credit in Spain and Portugal.

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