Georgica ups talk on £60 million seven-year notes to Libor plus 700 bps

By Paul A. Harris

St. Louis, June 24 - Georgica plc upped the price talk on its £60 million offering of seven-year senior secured second-lien floating-rate notes (Caa1/CCC+) to three-month Libor plus 700 basis points from Libor plus 650 to 675 bps, according to market sources.

Pricing is expected to take place Monday in London.

The Royal Bank of Scotland has the books for the Regulation S offering.

The notes will come with two years of call protection.

Proceeds will be used to repay £40 million due under the company's group facilities agreement, which will result in an additional £23 million becoming available under that agreement to fund a capital expenditure.

The U.K. leisure company has discretion over the use of £12.5 million of the proceeds to fund a capital expenditure or a share buyback program, while the balance will be used for general corporate purposes.

The prospective issuer is a holding company for U.K.-based leisure brands Riley and Tenpin, operators of pool and snooker halls and bowling alleys.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.