By Mary-Katherine Stinson
Lexington, Ky., Aug. 25 – Delta Epsilon Delaware, Inc., a wholly owned subsidiary of Petershill Partners plc, issued $500 million of senior notes in five tranches (Kroll: A) via private placement with a group of institutional investors, according to a notice.
The weighted average of the new issuance is 5.65% and the weighted average tenor is 11.2 years.
The company stated in the notice that the purpose of the issuance was to extend the duration of and implement a diversified long-term maturity schedule, replace structured debt with unsecured corporate debt, gain access to a more flexible and diversified source of debt financing going forward and to eliminate certain assets and liabilities, which Petershill Partners did not own but were required to be consolidated.
The company intends to use a majority of the proceeds to retire its current outstanding $350 million senior secured notes with the remainder for general corporate purposes and new acquisitions.
Petershill and its subsidiaries is a diversified, global alternatives investment group focused on private equity and other private capital strategies.
| Issuer: | Delta Epsilon Delaware, Inc.
|
| Guarantor: | Petershill Partners plc
|
| Amount: | $500 million
|
| Issue: | Senior Notes
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| Rating: | Kroll: A
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|
|
| Series A
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| Amount: | $125 million
|
| Maturity: | 2029
|
| Coupon: | 5.51%
|
| Distribution: | Private placement
|
|
|
| Series B
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| Amount: | $175 million
|
| Maturity: | 2032
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| Coupon: | 5.54%
|
| Distribution: | Private placement
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|
|
| Series C
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| Amount: | $80 million
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| Maturity: | 2034
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| Coupon: | 5.69%
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| Distribution: | Private placement
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|
|
| Series D
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| Amount: | $80 million
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| Maturity: | 2037
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| Coupon: | 5.84%
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| Distribution: | Private placement
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|
|
| Series E
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| Amount: | $40 million
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| Maturity: | 2042
|
| Coupon: | 6.14%
|
| Distribution: | Private placement
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