Lowell upsizes to £115 million, launches five-year secured notes with a 5 7/8% yield

By Paul A. Harris

Portland, Ore., March 4 - Lowell Group Financing plc launched an upsized £115 million offering of five-year senior secured notes (B1/BB) with a 5 7/8% yield on Tuesday, according to a market source.

The deal, which was upsized from £100 million, was talked earlier in the London session with a yield in the 6% area.

Final terms are expected Tuesday.

JPMorgan and Goldman Sachs are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes come with two years of call protection.

The Leeds, England-based purchaser of non-performing consumer debt portfolios plans to use the proceeds to refinance debt, to fund cash on its balance sheet and for general corporate purposes. The additional proceeds, resulting from the £15 million upsizing of the deal, will be used for general corporate purposes.

© 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.