Commentary & Deal Flow

Voyage Care BondCo PLC (VOYCAR) GBP250m 144A/Reg S sr sec notes due 02/15/27 (5y). NC2 (MWC G+50bp), then at 102.938, 101.469, 100. Equity claw: 2y 40% at 105.875. B2/B+ (stable/stable). Via JPM (B&D) gloco/Barc/Lloyds/NatWest jt books. No reg rights. List ISE. NY law. Settles 02/03 (T+10). Reg S ISIN: XS2436454768. IPT: high 5s.

Priced: 5.875% at 100. +483bp vs UKT 0.375% 10/22/26.

Did investor call at 11am UKT Tues. UOP: Following the acquisition completed 01/14/22 of Voyage Care by Wren House Infrastructure Ltd (Kuwait Investment Authority) from Partners Group and Duke Street for GBP330m, to refinance its GBP215m 5.875% sr sec notes due 05/01/23 (callable at 100) and GBP35m 10% 2nd lien notes due 11/01/23 (callable at 102.50). Biz: leading provider of registered care homes in the UK, providing behavioral care for people with complex needs, notably learning disabilities and autism, as well as physical disabilities and acquired brain injuries. HQ: Lichfield UK.