Goeasy to sell $150 million tap of 7 7/8% notes due 2022 on Thursday

By Paul A. Harris

Portland, Ore., July 12 – Goeasy Ltd. plans to price a $150 million add-on to its 7 7/8% senior notes due Nov. 1, 2022 (Ba3/BB-) in a quick-to-market Thursday trade following a late-morning conference call with investors, according to an informed source.

Wells Fargo Securities LLC is the left bookrunner. BMO Securities is the joint bookrunner.

The Rule 144A and Regulation S for life notes have a make-whole call until Nov. 1, 2019, then become callable at 103.938. They also feature a 35% equity clawback at 107.875 until Nov. 1, 2019.

The Mississauga, Ont.-based alternative financial services provider plans to use the proceeds to grow its consumer loan portfolio and for general corporate purposes.

The original $325 million issue priced at par on Nov. 27, 2017. The Rule 144A add-on notes will become immediately fungible with the existing notes. The Regulation S add-on notes will become fungible with the existing notes following a 40-day cooling period.

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