Arrow Global to raise €220m
Manchester-headquartered Arrow Global has revealed plans to raise €220m (£173.3m), a portion of which would be used to fund its acquisition of Capquest.
The debt management business revealed it was to acquire rival Capquest for £158m last month.
It now has revealed plans to offer €220m in secured floating rate notes, which would be due 2021.
The notes would be issued by Arrow Global Finance plc and guaranteed by subsidiary Arrow Global Guernsey Holdings Ltd.
The net proceeds of the fundraising will be used towards the purchase costs of Capquest and to repay a portion of amounts drawn under Arrow Global's revolving credit facility.
Arrow Global, which floated at the end of 2013, said the acquisition of Capquest will support its aim to become "Europe's leading purchaser and manager of debt".