Verisure debt rises on break, with bonds rallying further

The Verisure AS bonds and loans that priced on Jan. 15 all rose on the break in secondary markets and have remained well-bid, with the bonds outperforming.

The borrower's 3.5% secured notes due 2027 and 5.25% unsecured bonds due 2029 both priced at par, with the E+350 term loan due 2028 pricing at 99.75. Both bond issues broke half a point above re-offer and earlier today were quoted at 101.125/101.375 and 101.25/101.50, respectively. The term loan also rose half a point on the break, and held there at 100.25/100.75. Trading is understood to have been fairly brisk across the structure.

The financing included Swedish krona FRNs, while bankers added a repricing of the borrower's TLB1-F term loan into the process, too.

All of the bonds and new loans came at the tight end of guidance, with price talk on all the euro paper tightened during marketing. The repricing had its proposed original issue discount removed during marketing. Commitments on the term loans were accelerated by five days, or three working days.

Verisure is backed by Hellman & Friedman, which first invested in the firm in 2011 before taking majority control in 2015. The company is a provider of monitored fire and intrusion alarms and is the largest provider of monitored alarm and security services to residential customers.