Lowell/Garfunkelux sets tranche sizes, coupons in €705 million two-part notes offering

By Paul A. Harris

Portland, Ore., Jan. 19 – Credit management firm Lowell set tranche sizes and coupons in its €705 million equivalent two-part offering of Garfunkelux Holdco 3 SA senior secured floating-rate notes due 2023, a London-based market source said.

The deal includes €530 million of notes launched at Euribor plus 450 basis points and €130 million equivalent of Swedish krona-denominated notes launched at Euribor plus 475 bps.

Books were scheduled to close on Friday, and final terms were pending after the Friday London close, the source said.

Goldman Sachs and Credit Suisse are managing the sale.

Proceeds from the Rule 144A and Regulation S offering will be used to finance the acquisition of the carve-out business from Intrum in the Nordic region.

Lowell maintains headquarters in Leeds, England, and Essen, Germany.

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