Soho House postpones £200 million secured notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., Sept. 24 – Soho House Bond Ltd. postponed its £200 million offering of five-year senior secured notes (Caa1/B-) on Thursday due to market conditions, according to a market source.

The Rule 144A and Regulation S for life deal was talked on Wednesday to yield in the 8¾% area.

Barclays was the physical bookrunner. Jefferies was a bookrunner.

The London-based company had planned to use the proceeds to refinance debt, including the redemption of its 9 1/8% secured notes due 2018, and for general corporate purposes.

Soho House operates exclusive, private membership clubs as well as hotels, restaurants and spas.

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