By Paul A. Harris
Portland, Ore., Nov. 12 – Perform Group Financing plc priced a downsized £175 million issue of 8½% five-year senior secured notes (expected ratings B3/B) at 98.023 to yield 9% on Wednesday, according to a market source.
The issue size was decreased from £200 million.
The yield printed on top of yield talk. The reoffer price came toward the cheap end of price talk that specified 1 point to 2 points of original issue discount.
Credit Suisse was the lead left bookrunner. Barclays, HSBC Bank and Lloyds TSB were joint bookrunners.
The London-based digital sports media company plans to use the proceeds to fund the launch of direct-to-consumer media products, as well as to repay the amounts drawn under its revolver and to fund contractual commitments to pay contingent consideration in respect of past acquisitions.
| Issuer: | Perform Group Financing plc
|
| Amount: | £175 million, decreased from £200 million
|
| Maturity: | Nov. 15, 2020
|
| Securities: | Senior secured notes
|
| Lead left bookrunner: | Credit Suisse
|
| Joint bookrunners: | Barclays, HSBC Bank, Lloyds TSB
|
| Coupon: | 8½%
|
| Price: | 98.023
|
| Yield: | 9%
|
| Spread: | 761 bps
|
| First call: | Nov. 15, 2017 at 104.25
|
| Trade date: | Nov. 11
|
| Settlement date: | Nov. 16
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9% yield, including 1 point to 2 points of OID
|
| Marketing: | Roadshow
|
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