By Paul A. Harris
Portland, Ore., Sept. 19 – Bracken Midco1 plc, the indirect parent of Together Financial Services Ltd., priced a £350 million issue of senior PIK toggle notes due 2023 (//B), according to a Wednesday press release.
The notes pay an 8 7/8% cash coupon, which steps up to 10 3/8% for PIK payments.
Global coordinator Credit Suisse will bill and deliver. Citigroup is also a global coordinator. Barclays and JPMorgan are joint bookrunners.
Proceeds, together with cash from Together Financial Services, will be used to repurchase or redeem the senior PIK toggle notes due 2021, as well as to provide Bracken Topco Ltd. with the funds required to pay off outstanding vendor notes and make a distribution to Topco's shareholder, including payment of accrued interest on certain shareholder debt and making a dividend payment to shareholders.
The issuer is a Lake View, Lakeside, Cheadle, U.K.-based financial services provider.
| Issuer: | Bracken Topco Ltd.
|
| Amount: | £350 million
|
| Maturity: | 2023
|
| Securities: | Senior PIK toggle notes
|
| Global coordinators: | Credit Suisse (bill and deliver), Citigroup
|
| Bookrunners: | Barclays, JPMorgan
|
| Cash coupon: | 8 7/8%
|
| PIK coupon: | 10 3/8%
|
| Call protection: | Two years
|
| Announcement date: | Sept. 19
|
| Rating: | Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
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