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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
TECH
PRCD
PYMSNS
Hurricane Finance PLC£290
1EMEA
Jul 31, 2020
currency
GBP
size (m)
290.000
maturity
Oct 15, 2025
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
B3
s&p
-
fitch
B+
size description
-
re-open/tap
No
ipt
8.75% area
ipt-pxd
-
guidance
8.25% area
spread
816
coupon
8.000%
spread set
-
price
100.00000
yield
8.000%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Registration: 144A/Reg S;
Deal Comments
07/31/2020 Hurricane Finance Plc (Paymentsense) GBP290m 144A/Reg S sr sec notes due 10/15/25 (5.25y). NC2 (10/15/22) (MWC G+50bp), then at 104, 102, 100. Equity claw: 2y 40% at 108. 90% clean-up call. B3/--/B+ (stable/--/stable). Via JPM sole books. Coupon pays 10/15 and 04/15, starting 04/15/21. List ISE. NY law. 100x1. Settles 08/14 (T+10). Reg S ISIN: XS20100029408. IPT 8.75% area. Px talk 8.25% area (+/-0.125%). Final terms: GBP290m at 8% yield. Priced: 8% at 100. +816bp vs UKT 2% 09/07/25. (Originally EUR320m with IPT of 8% area). Roadshow 07/29-31 (investor call 07/29 at 8:30am UKT). Books closed at 9:30am UKT today. Pricing today. UOP: along with GBP90m new 3rd party capital (sub PIK loan), to repay its GBP140m unitranche facility, repay GBP124m PIK loan, finance a GBP24m receivables purchase arrangement, repay GBP40m shareholder loan, GBP11m early redemption costs, GBP30m cash on the B/S, fees & expenses. Biz: Market leader provider of high quality payment enablement to UK and Irish SMEs, including terminals, value-added services and omnichannel acceptance. HQ: London, UK.

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