Victra starts roadshow for $635 million five-year secured notes, initial talk in 8% area

By Paul A. Harris

Portland, Ore., Feb. 1 – Victra Finance Corp. kicked off a $635 million offering of five-year senior secured notes on Monday, according to an informed source.

The deal, in the market with initial price talk in the 8% area, was scheduled to be shopped on an investor conference call at noon ET on Monday, and is expected to price later in the Feb. 1 week.

UBS Securities LLC is the left lead bookrunner. Truist is the joint bookrunner.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon. They feature a two-year 40% equity clawback and a 101% poison put.

Credit ratings remain to be determined.

The co-issuer is LSF9 Atlantis Holdings, LLC, which does business as Victra.

The Raleigh, N.C.-based retailer of wireless products and services plans to use the proceeds to pay off its term loan, as well as to pay a dividend to its stockholders, and for general corporate purposes.

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