LONDON, April 29 (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
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.