Private equity firm PAI Partners plans to finance its acquisition of R&R Ice Cream from Oaktree with a 253 million euros ($331.2 million) five-year Payment-In-Kind Toggle note, according to Thomson Reuters‘ publication IFR.
IFR – Private equity firm Pai Partners plans to finance its acquisition of R&R Ice Cream from Oaktree with a EUR253m five-year Payment-In-Kind Toggle note, one of the banks managing the deal said on Monday.
Marketing for the securities, expected to be rated CCC+ by S&P, will take place on Tuesday and Wednesday. Barclays and Credit Suisse are joint physical bookrunners.
The bond is callable after one year. The first and last interest payments are made in cash, but are otherwise
payable in cash or in kind subject to certain conditions.
A consent solicitation has also been sent to bondholders of R&R Ice Cream’s existing 8.375% secured notes, which mature in 2017, to amend the change of control provision.