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Published on 3/20/2015 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Arrow Global gets needed majority consents to amend 7 7/8% notes

By Susanna Moon

Chicago, March 20 – Arrow Global Group plc said holders of the needed majority delivered consents to amend its £220 million of 7 7/8% senior notes due 2020.

The consent solicitation ran until 1 p.m. ET on March 19, extended from March 17. The solicitation began March 9.

The consent fee is £5.00 per £1,000 principal amount.

As previously announced, the company, along with subsidiary Arrow Global Finance plc, sought to amend the notes to conform the terms to those of its €225 million of floating-rate senior secured notes due 2021 issued on Nov. 4, 2014.

The company said on March 17 that it decided to curb the proposed amendments but did not specify how.

Arrow Global said initially that the covenants in the new notes “better reflect both our current size and scale compared to when the [7 7/8%] notes were issued, including as a result of the acquisition of the Capquest Group on Nov. 28, 2014, and better reflect the ways in which the market for available debt portfolios is evolving.”

The covenants for the new notes “provide us with greater flexibility to access the evolving market for debt portfolios,” Arrow Global said, adding that the indenture also reflects the company’s structure following the initial public offering of AGG shares in October 2013.

Goldman Sachs International at (44 20 7774 9862 or liabilitymanagement.eu@gs.com) is the solicitation agent, and Bank of New York Mellon, London Branch (+44 1202 689644 or debtrestructuring@bnymellon.com) is the tabulation agent.

Arrow Global is based in London. It acquires and manages defaulted debt portfolios originated by financial institutions or initial credit providers to consumers.


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