KIRS Group sets international roadshow for £800 million three-part secured notes offering

By Paul A. Harris

Portland, Ore., May 25 – KIRS Group plans to start a global roadshow on Monday for its £800 million equivalent three-part offering of five-year senior secured notes (expected ratings B3/B), according to a market source.

The Rule 144A and Regulation S for life deal includes sterling-denominated and dollar-denominated fixed-rate notes, callable after two years at par plus 50% of the coupon, and sterling-denominated floating-rate notes, which come with one year of call protection.

The European roadshow is scheduled to run from May 26 through May 30, to be followed by a roadshow in the United States set to run from May 31 through June 2.

Global coordinator BofA Merrill Lynch is the physical bookrunner. Barclays, Credit Suisse, Goldman Sachs and KKR are bookrunners.

The issuing entity will be KIRS Midco 3 plc.

The Kent, England-based insurance group plans to use the proceeds to refinance debt, as well as to finance the acquisitions of Ryan Direct Group1 and Chase Templeton, and to overfund cash on balance sheet.

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