Cabot launches upsized €400 million five-year floater with Euribor plus 637.5 bps coupon at par

By Paul A. Harris

Portland, Ore., June 6 – Cabot Credit Management Ltd. launched an upsized €400 million offering of five-year senior secured floating-rate notes (B1/BB-) at par with a coupon of Euribor plus 637.5 basis points, according to market sources.

Books were scheduled to close on Thursday.

The issue size increased from €310 million.

The spread comes inside of initial talk in the Euribor plus 650 bps to 675 bps area.

Morgan Stanley, Credit Suisse, HSBC and DNB are the global coordinators.

Lloyds, MUFG, NatWest Investments and Santander are the bookrunners.

The notes come with one year of call protection.

The issuing entity will be Cabot Financial Luxembourg SA, an indirect wholly owned subsidiary of Cabot Credit Management.

The West Malling, England-based provider of credit management services plans to use the proceeds to refinance its existing floating-rate notes due in November 2021, with any remaining proceeds to be used to redeem its sterling-denominated 6½% notes due 2021.

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