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Sterling-Denominated High Yield Offering Despite Brexit Concerns

Paul, Weiss client Arrow Global Group PLC, a data-driven debt purchase and receivables management company, raised £220,000,000 through the issuance of 5.125% senior secured notes due 2024. This was the first sterling-denominated high-yield bond issue since the Bank of England announced its corporate bond buying programme in early August.  The three-day roadshow for the offering was shortened to two due to demand, notwithstanding ongoing concerns about Brexit.  Paul, Weiss also advised Arrow Global on its IPO, on its initial offering of senior secured floating rate notes, on a tap issuance of senior secured floating rate notes, on its issuance of euro-denominated senior secured floating rate notes (just ahead of the UK referendum), on bridge commitments for its principal post-IPO acquisition and on a consent solicitation.

The team representing Arrow Global included Mark Bergman, with U.S. tax advice provided by David Mayo.

September 9, 2016

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