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Cabot extends funding maturities with €400m bond

Debt purchaser Cabot has issued a €400m (£356.3m) senior secured floating rate notes bond which is due to mature in 2024.

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The bond has a coupon of 6.375 percent, plus a three-month EURIBOR, subject to a zero percent floor.

 

It was issued through Cabot’s 100 percent indirectly-owned subsidiary, Cabot Financial (Luxembourg) II SA. The proceeds of the offering will be used, along with cash on hand, to repay in full an £80m bond due in 2021 and pay accrued interest.

 

It will also be used to repay in full a separate €310m senior secured floating rate notes bond, also due in 2021, and pay related premium and accrued interest, fees, expenses and commissions.

 

Cabot said strong demand we were able to upsize the deal from €310m to €400m.

 

It added the move does not change its overall liquidity position, but has extended its overall debt maturity, such that it now has no bonds due before 2023.

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