By Paul A. Harris
Portland, Ore., April 21 – Voyage Care BondCo plc priced £250 million of secured notes in two tranches on Friday, according to a market source.
The deal, which saw £5 million of proceeds shifted to the senior secured tranche from the second-lien tranche, included an upsized £215 million amount of six-year senior secured notes (B+), which priced at par to yield 5 7/%. The tranche size was increased from £210 million.
In addition Voyage Care priced a downsized £35 million amount of 6.5-year second-lien notes (CCC+) at par to yield 10%. The tranche size was decreased from £40 million.
JPMorgan managed the sale.
Proceeds, together with equity to be injected in Voyage BidCo Ltd. by certain of its shareholders, an expected draw on a new revolving credit facility and cash on hand, will be used to fully redeem the £222 million of 6½% senior secured notes due 2018 and £50 million of 11% second-lien notes due 2019 on May 13 and to fund working capital requirements.
The issuer is a Cannock, England-based services provider for individuals with disabilities.
| Issuer: | Voyage Care Bondco plc
|
| Amount: | £250 million
|
| Bookrunner: | JPMorgan
|
| Trade date: | April 21
|
| Settlement date: | May 8
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Senior secured notes
|
| Amount: | £215 million, increased from £210 million
|
| Tenor: | Six years
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call protection: | Two years
|
| Rating: | S&P: B+
|
|
|
| Second-lien notes
|
| Amount: | £35 million, decreased from £40 million
|
| Tenor: | 6.5 years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Call protection: | 2.5 years
|
| Rating: | S&P: CCC+
|
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