By Paul A. Harris
Portland, Ore., July 18 - London-based Marlin Financial Group priced a £150 million issue of seven-year senior secured notes (B2/B/) at par to yield 10½% on Thursday, according to a market source.
The yield printed on top of yield talk.
Joint bookrunner JPMorgan will bill and deliver. Investec was also a joint bookrunner.
Proceeds will be used to repay debt and for general corporate purposes.
The issuer is a purchaser of defaulted unsecured consumer debt portfolios in the United Kingdom.
| Issuer: | Marlin Intermediate Holdings plc (Marline Financial Group)
|
| Amount: | £150 million
|
| Maturity: | Aug. 1, 2020
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan (bill and deliver), Investec
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | 879 bps
|
| First call: | Aug. 1, 2016 at 107.875
|
| Trade date: | July 18
|
| Settlement date: | July 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10½% area
|
| Marketing: | Roadshow
|
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