Voyage Care’s £250 Million Notes Offering


Simpson Thacher represented Voyage Care BondCo PLC, a direct wholly owned subsidiary of Voyage BidCo Limited (“Voyage Care”) and indirect wholly owned subsidiary of Voyage Care HoldCo Limited, a portfolio company of Partners Group and Duke Street, in connection with a Rule 144A and Regulation S offering of (i) £215 million in aggregate principal amount of its 5?% Senior Secured Notes due 2023 and (ii) £35 million in aggregate principal amount of its 10% Second Lien Notes due 2023.

The transaction closed on May 8, 2017. Voyage Care used the net proceeds from this offering, along with equity contribution from certain of its shareholders, borrowings drawn under its revolving credit facility, and cash at bank and in hand, to (i) redeem in full £222 million in aggregate principal amount of senior secured notes due 2018 and £50 million in aggregate principal amount of second lien notes due 2019, and (ii) provide for working capital requirements.

Voyage Care is a leading provider of Registered Care Homes whether by revenue or placements, with an established presence in Community Based Care services for adults and children with learning disabilities and other related complex and challenging support needs in the UK.

The Simpson Thacher team included Nick Shaw (Picture), Carol Daniel, Noam Katz, Spencer Patton, Pelin Demirdere Eski, Tuca Bihari and J. John Lim (Capital Markets); Antti Pesonen, Jennifer Passagne and Alexander Volsky (Credit); and Robert Holo, Meredith Jones and Sarah Katz (Tax).

Involved fees earner: Nicholas Shaw – Simpson Thacher & Bartlett; Carol Daniel – Simpson Thacher & Bartlett; Noam Baruch Katz – Simpson Thacher & Bartlett; Spencer Patton – Simpson Thacher & Bartlett; Pelin Demirdere Eski – Simpson Thacher & Bartlett; Luiz Arthur Bihari – Simpson Thacher & Bartlett; John Lim – Simpson Thacher & Bartlett; Antti Pesonen – Simpson Thacher & Bartlett; Jennifer Passagne – Simpson Thacher & Bartlett; Alexander Volsky – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Meredith Jones – Simpson Thacher & Bartlett; Sarah Katz – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Voyage Care;