By Paul A. Harris
Portland, Ore., Jan. 16 - Voyage Care Bondco plc priced £272 million of high-yield notes in a two-part transaction on Wednesday, according to market sources.
The senior tranche was an upsized £222 million issue of senior secured notes due Aug. 1, 2018 (B2/B+/BB), which priced at par to yield 6½%.
The yield printed 12.5 basis points inside of price talk that had been set in the 6¾% area. The senior secured tranche was upsized from £210 million.
J.P. Morgan Securities plc, Goldman Sachs International, Royal Bank of Scotland plc, Commerzbank AG and Lloyds TSB Bank plc managed the sale of the senior tranche.
In addition, Voyage Care priced a downsized £50 million issue of 11% second-lien notes due Feb. 1, 2019 (Caa1/CCC+/CCC+) at 98.5 to yield 11.35%.
The coupon and reoffer price came on top of price talk. The second-lien tranche was downsized from £62 million.
Goldman Sachs and JPMorgan were the joint bookrunners for the second-lien tranche.
Proceeds will be used to refinance debt.
Voyage Care is a Cannock, England-based services provider for individuals with disabilities.
| Issuer: | Voyage Care Bondco plc
|
| Amount: | £272 million
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 25
|
| Distribution: | Rule 144A and Regulation S for life
|
|
|
| Senior secured notes
|
| Amount: | £222 million, upsized from £210 million
|
| Maturity: | Aug. 1, 2018
|
| Bookrunners: | J.P. Morgan Securities plc, Goldman Sachs International, Royal Bank of Scotland plc, Commerzbank AG, Lloyds TSB Bank plc
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 547 bps
|
| First call: | Feb. 1, 2015 at 104.875
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Fitch: BB
|
| Price talk: | 6¾% area
|
|
|
| Second-lien notes
|
| Face amount: | £50 million, downsized from £62 million
|
| Proceeds: | £49.25 million
|
| Maturity: | Feb. 1, 2019
|
| Bookrunners: | Goldman Sachs International, J.P. Morgan Securities plc
|
| Coupon: | 11%
|
| Price: | 98.5
|
| Yield: | 11.35%
|
| Spread: | 1,012 bps
|
| First call: | Feb. 1, 2016 at 105.5
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Fitch: CCC+
|
| Price talk: | 11% coupon at 98.5
|
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