By Paul A. Harris
Portland, Ore., July 29 – PeopleCert priced a €300 million issue of five-year senior secured notes (B2/B/B+) at par to yield 5¾% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 6% area.
Global coordinator and bookrunner Morgan Stanley will bill and deliver.
The issuer is PeopleCert Wisdom Issuer plc.
Proceeds will be used to repay a bridge loan that was funded to partially finance the acquisition of Axelos Ltd., and to repay debt.
London-based PeopleCert provides assessment and certification of professional skills for governments and private companies and organizations.
| Issuer: | PeopleCert Wisdom Issuer plc
|
| Amount: | €300 million
|
| Maturity: | Sept. 15, 2026
|
| Securities: | Senior secured notes
|
| Coordinator/bookrunner: | Morgan Stanley (bill and deliver)
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 647 bps
|
| Call protection: | Two years
|
| Trade date: | July 29
|
| Settlement date: | Aug. 5
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% area
|
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