UK-based Domestic & General sets roadshow for £630 million three-part notes offer

By Paul A. Harris

Portland, Ore., July 10 – Domestic & General plans to begin a roadshow on Thursday in London for a £630 million three-part notes offer, according to a market source.

The deal features £480 million of senior secured notes in two tranches from issuing entity Galaxy Bidco Ltd.: £230 million of seven-year fixed-rate notes, callable after three years at par plus 50% of the coupon, and £250 million of seven-year floating-rate notes, callable after one year at 101. In addition, Galaxy Finco Ltd. is selling £150 million of eight-year senior unsecured notes, callable after three years at par plus 50% of the coupon.

The roadshow continues in London's West End on Friday, and in Edinburgh on Monday.

Sole physical bookrunner and global coordinator Barclays will bill and deliver for the Rule 144A and Regulation S deal. BofA Securities Inc. and Credit Suisse are also global coordinators.

Lloyds Bank Corporate Markets, Mizuho Securities USA Inc. and NatWest Markets are joint bookrunners.

Proceeds will be used to fund the acquisition of the Bedworth, England-based home-appliance warranty provider by CVC Fund VII and the Abu Dhabi Investment Authority and to refinance debt.

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