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Voyage Care talks £250 million five-year secured notes in 5 7/8% area; books close Thursday
By Paul A. Harris
Portland, Ore., Jan. 20 – Voyage Care talked its £250 million offering of five-year senior secured notes (expected ratings B2/B+) to yield in the 5 7/8% area, according to market sources.
Official talk comes in line with initial guidance in the high 5% area.
Books close Thursday.
Global coordinator and bookrunner JPMorgan will bill and deliver. Barclays, Lloyds and NatWest Markets are also bookrunners.
The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.
The issuing entity will be Voyage Care BondCo plc.
The London-based provider of services to special needs people plans to use the proceeds plus cash on hand to fully redeem its £215 million of 5 7/8% senior secured notes due 2023 and the £35 million 10% second-lien notes due 2023.
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