Verisure sets price talk in €1.15 billion two-part notes offering; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., Nov. 15 – Verisure set price talk in its €1,145,000,000 equivalent two-part offering of six-year senior notes (Caa1/CCC+), according to a market source.

The deal is coming in the form of euro-denominated fixed-rate notes talked to yield in the 5¾% area and Swedish krona-denominated floating-rate notes talked at Stibor plus 575 basis points.

Tranche sizes remain to be determined.

The notes in both tranches are being offered with two years of call protection.

Pricing is expected on Wednesday.

Joint global coordinator and physical bookrunner Goldman Sachs will bill and deliver for the Rule 144A and Regulation S deal. Nordea is also a joint global coordinator and a physical bookrunner for the krona-denominated notes only.

BofA Merrill Lynch, JPMorgan, Morgan Stanley and Nomura are joint bookrunners.

The issuing entity is Verisure Midholding AB.

The Malmo, Sweden-based provider of security systems plans to use the proceeds, together with drawings on its proposed upsized existing senior credit facilities, to take out the senior notes due 2023, to repay outstanding amounts under the revolving credit facility, to make a distribution to shareholders and for general corporate purposes.

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