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DFC Global sets talk for $500 million, £150 million six-year notes
By Paul A. Harris
Portland, Ore., June 5 – DFC Global Corp. set price talk for its offerings of $500 million and £150 million of six-year senior secured notes (/B/) on Thursday, according to an informed source.
The dollar-denominated notes are expected to yield 10½% to 10¾%. The sterling-denominated notes are expected to yield 25 to 50 basis points behind the dollar notes.
Books close 4 p.m. ET Thursday, and the deal is set to price Friday morning after a shareholder vote.
Jefferies LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners for the Rule 144A and Regulation S for life offer.
The notes become callable after three years at par plus 50% of the coupon.
The issuing entity will be DFC Finance Corp.
The bond deal, to help fund the merger of DFC Global with DFC Finance Corp., an affiliate of Lone Star Funds, is set to price after a shareholders vote on the merger scheduled for June 6.
Berwyn, Pa.-based DFC Global is a non-bank provider of alternative financial services.
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