Lindorff sets talk in upsized €230 million two-part add-on deal; pricing expected Thursday

By Paul A. Harris

Portland, Ore., Sept. 3 – Oslo-based financial information services provider Lindorff Group AB set price talk for an upsized €230 million two-part secured add-on deal (B2/BB-), according to a market source.

An upsized €200 million add-on to the Euribor plus 550 basis points floating-rate secured notes due Aug. 15, 2020 is talked at 99.5. The size was increased from €150 million. The notes are presently callable at 101.

The original €252.5 million issue priced at 99 on Aug. 4, 2014. A previous €100 million add-on priced at 98.75 on Nov. 4, 2014.

In a tranche added subsequent to Thursday’s deal announcement, Lindorff talked a €30 million add-on to its 7% senior secured notes due Aug. 15, 2021 at 106. The notes become callable after Aug. 15, 2017 at 103.5.

The original €550 million issue priced at par on Aug. 4, 2014. A previous €150 million add-on priced at 100.75 to yield 6.925% on Nov. 4, 2014.

Books are closed, and the add-on tranches were expected to price Thursday.

The overall size of Thursday’s transaction was increased from €150 million.

Joint bookrunner Goldman Sachs International will bill and deliver for the Rule 144A and Regulation S deal. Deutsche Bank and Nordea are also joint bookrunners.

The issuing entity is Lock AS.

Proceeds will be used to repay bank debt.

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