Related Issuers
by Stephen Carter
Jul 31, 2020 6:40 AM ET
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. 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.