Chicago, Nov. 8 – Together Financial Services Ltd. sold an upsized £120 million add-on to its 4 7/8% senior secured notes due Jan. 15, 2026 (existing rating: BB-/BB-) at 100.5 on Monday, according to a market source.
The notes priced at the wide end of price talk in a range of 100.25 to 100.5.
Price talk came wide of initial talk between par and 100.25.
The add-on was marketed at £100 million.
The notes are again being issued by the company’s wholly owned subsidiary, Jerrold FinCo plc.
Like the existing issue, the notes can be called starting Jan. 15, 2022 at 102.438.
Citigroup and HSBC are the physical bookrunners on the Rule 144A and Regulation S deal, with Citi handling billing and delivery.
Listed as joint bookrunners are Barclays, Credit Suisse, Goldman Sachs International and JPMorgan.
Proceeds will be used for general corporate purposes, including paying down debt on the company’s revolving credit facility.
Together Financial Services is a United-Kingdom-based specialist mortgage and secured loan provider.
| Issuer: | Jerrold FinCo plc
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| Issue: | Senior secured notes
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| Amount: | £120 million
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| Maturity: | Jan. 15, 2026
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| Bookrunners: | Citigroup, HSBC, Barclays, Credit Suisse, Goldman Sachs International and JPMorgan
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| Coupon: | 4 7/8%
|
| Price: | 100.5
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| Call features: | At 102.438 starting Jan. 15, 2022
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| Trade date: | Nov. 8
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| Ratings: | S&P: BB-
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 100.25 to 100.5; initial talk at par to 100.25
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