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Lowell sets roadshow for £795 million two-part notes offering backing LBO by Premira
By Paul A. Harris
Portland, Ore., Oct. 9 – Lowell Group plans to start a roadshow on Monday for a £795 million two-part offering of high-yield notes, according to a market source.
On offer will include £555 million of seven-year senior secured notes (B+) in a tranche for which Goldman Sachs International will bill and deliver.
The transaction also includes £240 million of eight-year senior unsecured notes (B-) for which Credit Suisse will bill and deliver.
The roadshow wraps up on Thursday.
Goldman Sachs, Credit Suisse, Citigroup, ING and JPMorgan are joint bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to fund the leveraged buyout of the Leeds, England, debt collector by Permira, as well as to redeem Lowell’s 5 7/8% senior secured notes due 2019 and 10¾% senior secured notes due 2019, and for general corporate purposes.
The issuing entities will be Garfunkelux Holdco 3 SA, a special purpose vehicle, and Garfunkelux Holdco 2 SA, the parent company of Lowell.
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