New Issue: Arrow Global sells upsized €400 million eight-year floaters at Euribor plus 287.5 bps

By Paul A. Harris

Portland, Ore., March 21 – Arrow Global Finance plc priced an upsized €400 million issue Euribor plus 287.5 basis points senior secured floating-rate notes (expected ratings Ba3/BB) at par, a market source said on Tuesday.

Joint global coordinator and joint physical bookrunner JPMorgan will bill and deliver. Goldman Sachs International, HSBC and DNB Markets were also joint global coordinators and joint physical bookrunners.

The Manchester, England-based purchaser of consumer debt and provider of receivables management solutions plans to use the proceeds to refinance €335 million of floating-rate notes due 2021.

The additional €40 million of proceeds resulting from the upsizing of the deal will be used to repay debt under the revolving credit facility.

Issuer:	Arrow Global Finance plc
Amount:	€400 million, increased from €360 million
Tenor:	Eight years
Securities:	Senior secured floating-rate notes
Global coordinators/physical bookrunners:	JPMorgan (bill and deliver), Goldman Sachs International, HSBC, DNB Markets
Joint bookrunners:	ABN Amro, Lloyds, Morgan Stanley, NatWest
Coupon:	Euribor plus 287.5 bps
Euribor floor:	0%
Price:	Par
Yield:	Euribor plus 287.5 bps
Call protection:	Two years
Announcement date:	March 21
Expected ratings:	Moody's: Ba3
	S&P: BB
Distribution:	Rule 144A and Regulation S

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