By Paul A. Harris
Portland, Ore., June 10 – Paysafe Ltd. priced two tranches of eight-year senior secured notes (B1/B+) on Thursday, according to market sources.
Paysafe Holdings US Corp. priced $400 million of the notes at par to yield 4%. The yield printed on top of yield talk. Initial guidance was in the low 4% area.
The dollar-denominated tranche was heard to be well oversubscribed, with as much as $1.2 billion of orders in the book.
However lukewarm trading on the break prompted traders to call that level of demand into question.
The deal broke to 99¼ bid, par offered, according to one trader.
Another had them 99½ bid going out on Thursday afternoon.
Meanwhile Paysafe Finance plc priced €435 million of the notes at par to yield 3%. The euro-denominated notes printed at the wide end of the 2 7/8% to 3% yield talk. Initial guidance was in the low 3% area.
JPMorgan was at the left of a syndicate of bookrunners that also included Goldman Sachs, BMO and BofA.
The issuing entities are indirect subsidiaries of Paysafe.
The London-based provider of payment solutions plans to use the proceeds plus proceeds from new dollar- and euro-denominated term loans to repay bank debt.
| Company: | Paysafe Ltd.
|
| Securities: | Senior secured notes
|
| Maturity: | June 15, 2029
|
| Bookrunners: | JPMorgan, Goldman Sachs, BMO and BofA
|
| Call protection: | Three years
|
| Trade date: | June 10
|
| Settlement date: | June 28
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Dollar notes
|
| Issuer: | Paysafe Holdings US Corp.
|
| Amount: | $400 million
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 268 bps
|
| Price talk: | 4% area
|
|
|
| Euro notes
|
| Issuer: | Paysafe Finance plc
|
| Amount: | €435 million
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Spread: | 336 bps
|
|
|
|
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