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Arrow Global selling €980 million and £400 million secured notes in three tranches
By Paul A. Harris
Portland, Ore., Oct. 25 – Sherwood Financing plc plans to sell three tranches of senior secured notes (expected ratings B1/B+/BB-) related to the acquisition of Arrow Global Group Ltd. by TDR Capital, according to market sources.
The deal, which comes in two euro-denominated tranches and one sterling-denominated tranche, is structured as follows:
• €610 million six-year floating-rate notes, callable after one year at 101, initial talk high 4% area to 5%;
• €370 million five-year senior secured fixed-rate notes, callable after two years at par plus 50% of the coupon, initial talk high 4% area; and
• £400 million five-year senior secured fixed-rate notes, callable after two years at par plus 50% of the coupon, initial talk 6% to 6¼%.
The Rule 144A and Regulation S offering, which was scheduled to kick off on a Monday conference call with investors, will be marketed by means of a virtual roadshow through Tuesday.
Global coordinator and joint physical bookrunner Barclays will bill and deliver for the sterling-denominated tranche. Global coordinator and joint physical bookrunner JPMorgan will bill and deliver for the euro-denominated tranches. Goldman Sachs is also a global coordinator and joint physical bookrunner.
BofA Securities, Citigroup, DNB Markets, HSBC, Lloyds Bank Corporate Markets and NatWest Markets are joint bookrunners.
Proceeds will be used to repay the new revolver and refinance Arrow Global notes.
Sherwood is a special purpose vehicle related to the acquisition.
Arrow Global is a U.K.-based asset management company focused on the non-performing and non-core sectors.
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