House of HR launches upsized €415 million 9% seven-year secured notes to yield 10½%

By Paul A. Harris

Portland, Ore., Dec. 13 – House of HR NV launched an upsized €415 million offering of 9% seven-year senior secured notes (B2/B) at 92.826 to yield 10½% on Tuesday, according to market sources.

The deal, upsized from €300 million, launched at the tight end of yield talk in the 10 5/8% area. Initial guidance was 10¾% to 11%.

Books were scheduled to close on Tuesday.

Global coordinator and joint bookrunner JPMorgan will bill and deliver. Barclays and SG are also global coordinators and joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be Villa Dutch Bidco.

Proceeds will be used to partially repay the bridge loan drawn in connection with the financing for Bain Capital’s acquisition of a majority stake in House of HR, a Roeselare, Belgium-based human resources company.

A similarly structured €425 million notes offering was withdrawn from the market in October because of market conditions.

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