goeasy to price $500 million five-year notes in Tuesday drive-by; initial talk mid 5% area

By Paul A. Harris

Portland, Ore., Nov. 12 – goeasy Ltd. plans to price a $500 million offering of five-year senior notes (expected ratings Ba3/BB-) on Tuesday afternoon trailing a late-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield in the mid 5% area, a bond trader said.

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

CIBC World Markets, Beacon, Cormark, Desjardins, Raymond James and TD Securities are the co-managers.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon.

The Mississauga, Ont.-based financial services provider plans to use the proceeds to redeem $475 million of 7 7/8% senior notes due 2022 and for general corporate purposes.

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