Howden starts roadshow for $1.25 billion two-part notes in secured, unsecured tranches

By Paul A. Harris

Portland, Ore., Jan. 29 – Howden Group (B2/B) plans to price $1.25 billion of high-yield notes during the Jan. 29 week, according to market sources.

The Rule 144A and Regulation S for life deal, which was scheduled to kick off on a Monday morning conference call with investors, features a $750 million tranche of seven-year senior secured notes, in the market with initial guidance in the mid-7% area.

The offering also features a $500 million tranche of eight-year senior notes with initial guidance in the mid-8% area.

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

Morgan Stanley, JPMorgan, BofA, Barclays, Goldman Sachs, RBC, Citigroup, HSBC, ING, Lloyds, NatWest, Santander and Howden Capital Tiger Markets & Advisory are the joint bookrunners.

The London-based insurance intermediary group plans to use the proceeds plus proceeds from concurrent dollar- and euro-denominated term loans to refinance a portion of its outstanding dollar-denominated term loan, to pay off its outstanding euro-denominated term loans, to pay off its second-lien facility and for general corporate purposes.

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