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Published on 5/8/2014 in the Prospect News High Yield Daily.

New Issue: Premium Credit Finance prices £200 million seven-year notes at par to yield 7%

By Paul A. Harris

Portland, Ore., May 8 - Premium Credit Finance priced a £200 million issue of seven-year senior notes (B2/B/B-) at par to yield 7% on April 29, according to a market source.

The yield printed on top of initial guidance.

JPMorgan ran the books.

The Epsom, England, provider of third-party insurance premium financing plans to use the proceeds to repay debt, to redeem preferred equity of the company's parent and to make a distribution to shareholders.

Issuer:Mizzen Bondco Ltd. (Premium Credit Finance)
Amount:£200 million
Maturity:May 1, 2021
Securities:Senior secured notes
Bookrunner:JPMorgan
Lead manager:Jefferies
Co-managers:Barclays, Deutsche Bank, BofA Merrill Lynch, Lloyds Bank plc
Coupon:7%
Price:Par
Yield:7%
Spread:466 bps
First call:May 1, 2017 at 105.25
Trade date:April 29
Settlement date:May 8
Ratings:Moody's: B2
Standard & Poor's: B
Fitch: B-
Distribution:Rule 144A and Regulation S for life
Initial guidance:7% area

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