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True Potential talks £675 million equivalent notes in two tranches; pricing Thursday
By Paul A. Harris
Portland, Ore., Jan. 27 – True Potential Group Ltd. set price talk in its £675 million equivalent two-part offering of five-year senior secured notes (B1/B), according to market sources.
The Rule 144A and Regulation S deal is coming in tranches of sterling-denominated notes talked to yield in the 6½% area and euro-denominated notes talked to yield in the 5% area.
Tranche sizes remain to be determined.
Pricing is expected later Thursday.
Left bookrunner Credit Suisse will bill and deliver. UBS, Goldman Sachs, Barclays, Lloyds and NatWest are the joint bookrunners.
The notes in both tranches become callable after two years at par plus 50% of the respective coupons.
The issuing entity will be Kane Bidco Ltd., an intermediate holding company.
Proceeds will be used to fund the acquisition of a majority stake in the U.K.-based wealth management company by Cinven and to repay debt.
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