September 11, 2017 / 7:05 AM / 9 months ago

Viridian group names banks for dual currency HY bond

LONDON, Sept 11 (IFR) - Viridian Group FinanceCo PLC and Viridian Power and Energy Holdings DAC has mandated Deutsche Bank, Barclays and Credit Suisse to lead manage a €600m dual currency bond issue, to be split between euros and sterling (split TBD).

The sterling tranche will be a 7NC3 and the euro a 8NC3, expected to be rated B1/BB-.

UOP is for refinancing of existing indebtedness, payment of a dividend to shareholders and payment of costs, fees and expenses.

Lloyds, Natwest Markets are bookrunners. Monday: London City lunch; Tuesday: London West End breakfast.

Denoms 100K+1K. CoC 101%. Equity claw: 40% of Senior Secured Notes at par plus coupon until 2020. Special call 10% per annum of Senior Secured Notes at 103% until 2020. (Reporting by Helene Durand)

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