By Paul A. Harris
Portland, Ore., July 25 – IDH Finance plc, a special purpose vehicle for mydentist, priced £425 million of six-year senior secured notes (B2/B/B+) in two tranches on Friday, according to a market source.
The deal included £275 million of fixed-rate notes that priced at par to yield 6¼%. The yield printed at the tight end of the 6¼% to 6½% yield talk.
In addition the company priced £150 million of Libor plus 600 basis points floating-rate notes at 99.5. The spread came on top of spread talk. The reoffer price came fifty cents rich to price talk of 99.
Global coordinator Credit Suisse will bill and deliver. JPMorgan is also a global coordinator. Goldman Sachs, ING, Lloyds, Mizuho, SG CIB and Royal Bank of Scotland are joint bookrunners.
The Manchester, England-based company plans to use the proceeds to repay debt.
| Issuer: | IDH Finance plc
|
| Amount: | £425 million
|
| Maturity: | Aug. 15, 2022
|
| Securities: | Senior secured notes
|
| Global coordinators: | Credit Suisse (bill and deliver), JPMorgan
|
| Joint bookrunners: | Goldman Sachs & Co., ING, Lloyds, Mizuho SG CIB, Royal Bank of Scotland
|
| Trade date: | July 22
|
| Settlement date: | Aug. 5
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: B+
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | £275 million
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Price talk: | 6¼% to 6½%
|
|
|
| Floating-rate notes
|
| Amount: | £150 million
|
| Coupon: | Libor plus 600 bps
|
| Price: | 99.5
|
| Price talk: | Libor plus 600 bps at 99
|
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