DirectCash talks C$125 million seven-year senior notes to yield 8¼%

By Cristal Cody

Prospect News, Aug. 1 - DirectCash Payments Inc.'s offering of C$125 million of seven-year senior notes (B3/B/) was talked on Wednesday to yield 8¼%, a bond source said.

The Rule 144A deal is expected to price on Thursday following a roadshow earlier in the week.

BMO Capital Markets Corp. is the bookrunner.

DirectCash plans to price the notes in conjunction with a C$65 million offering of common shares.

Proceeds from the notes and the common shares will be used to reduce the company's outstanding senior and bridge debt from the acquisitions of Customers Ltd. in Australia and InfoCash Holdings Ltd. in the United Kingdom.

Calgary, Alta.-based DirectCash is a provider of ATMs, debit terminals and prepaid products.

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