KIRS sets price talk in £800 million equivalent two-part six-year secured notes; pricing Tuesday

By Paul A. Harris

Portland, Ore., June 5 – KIRS Group set price talk in its £800 million equivalent two-part offering of six-year senior secured notes (confirmed B3/expected B/confirmed B-), according to a market source.

The revised Rule 144A and Regulation S for life deal features sterling-denominated notes talked to yield in the 8½% area and dollar-denominated notes talked to yield in the 8¾% area.

The notes are expected to price on Thursday.

A restructuring saw the withdrawal of a proposed floating-rate notes tranche. The tenor of the remaining fixed-rate notes was increased to six years from five years. Call protection was increased to three years from two years.

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 the balance sheet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.