Viridian starts roadsdhow for €600 million equivalent two-part notes offering

By Paul A. Harris

Portland, Ore., Sept. 11 – Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC will hold a roadshow on Monday and Tuesday for their €600 million equivalent two-part offering of senior secured notes, according to a market source.

The Rule 144A and Regulation S offering is coming in sterling-denominated seven-year notes and euro-denominated eight-year notes. Tranche sizes remain to be determined.

Joint global coordinator Deutsche Bank will bill and deliver. Barclays and Credit Suisse are also joint global coordinators. Lloyds and NatWest are joint bookrunners.

The notes in both tranches come with three years of call protection.

Proceeds, together with amounts received in relation to the settlement of certain forward foreign exchange contracts and cash on balance sheet, will be used to pay off €540 million of Viridian Group FundCo II Ltd.’s 7½% senior secured notes due 2020 and pay a £60 million dividend to Viridian Topco Ltd.

The prospective issuer is a Belfast, U.K.-based electric utility.

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