England's Voyage Care sets price talk for re-portioned £270 million notes offering

By Paul A. Harris

Portland, Ore., Jan. 15 - Voyage Care Bondco plc set price talk for its re-portioned two-part £270 million offering of notes, a market source said on Tuesday.

An upsized £220 million tranche of five-year senior secured notes (expected ratings B1/B+/BB), callable in two years at par plus 75% of the coupon, is talked with a yield in the 6¾% area. The tranche was upsized from £210 million.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Royal Bank of Scotland, Commerzbank and Lloyds TSB are the joint bookrunners.

Meanwhile a downsized £50 million tranche of second-lien notes (expected ratings Caa1/CCC+/CCC+) is talked with an 11% coupon at 98.5.

The second-lien tranche, which was downsized from £62 million, is led by joint bookrunners Goldman Sachs and JPMorgan and is not being widely marketed, sources say.

Pricing is set for Wednesday.

The overall deal size was decreased by £2 million.

Proceeds from the Rule 144A and Regulation S offering will be used to refinance debt.

Voyage Care is a Cannock, England-based services provider for individuals with disabilities.

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