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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