True Potential marketing £675 million equivalent secured notes in sterling, euro tranches

By Paul A. Harris

Portland, Ore., Jan. 25 – True Potential Group Ltd. is in the market with a £675 million equivalent two-part offering of five-year senior secured notes (B1/B) to be issued by intermediate holding company Kane Bidco Ltd., sources say.

The Rule 144A and Regulation S deal is coming in tranches of sterling-denominated notes and euro-denominated notes.

The offering is being shopped on a roadshow set to wrap up on Wednesday.

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.

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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