By Paul A. Harris
Portland, Ore., Nov. 12 – goeasy Ltd. priced an upsized $550 million issue of five-year senior notes (Ba3/BB-) at par to yield 5 3/8% on Tuesday, according to market sources.
The issue size increased from $500 million.
The yield printed tight to yield talk in the 5½% area. Initial talk was in the mid 5% area.
Wells Fargo Securities LLC was the left bookrunner. BMO Capital Markets Corp. was the joint bookrunner.
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.
| Issuer: | goeasy Ltd.
|
| Amount: | $550 million
|
| Maturity: | Dec. 1, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunner: | BMO Capital Markets Corp.
|
| Co-managers: | CIBC, Beacon, Cormark, Desjardins, Raymond James and TD Securities
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 365 bps
|
| Call protection: | Two years
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 27
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% area
|
| Marketing: | Quick to market
|
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