By Paul A. Harris
Portland, Ore., Sept. 13 – Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC priced €600 million equivalent of senior secured notes (B1//BB-) on Wednesday, according to a market source.
The deal included €350 million of eight-year notes that priced at par to yield 4% and £225 million of seven-year notes that priced at par to yield 4¾%.
Joint global coordinator Deutsche Bank will bill and deliver. Barclays and Credit Suisse were also joint global coordinators. Lloyds and NatWest were joint bookrunners.
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 issuer is a Belfast, U.K.-based electric utility.
| Issuers: | Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC
|
| Amount: | €600 million equivalent
|
| Securities: | Senior secured notes
|
| Global coordinators: | Deutsche Bank (bill and deliver), Barclays, Credit Suisse
|
| Joint bookrunners: | Lloyds, NatWest
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody's: B1
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Eight-year notes
|
| Amount: | €350 million
|
| Maturity: | Sept. 15, 2025
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 392 bps
|
| Call protection: | Three years
|
| Special call: | 10% of notes callable annually at 103 during non-call period
|
|
|
| Seven-year notes
|
| Amount: | £225 million
|
| Maturity: | Sept. 15, 2024
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 395 bps
|
| Call protection: | Three years
|
| Special call: | 10% of notes callable annually at 103 during non-call period
|
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