By Paul A. Harris
Portland, Ore., July 21 – Belgium-based cable operator Telenet Group Holding NV priced a €530 million issue of 4 7/8% 12-year senior secured notes (expected ratings B1/B+) at 98.885 to yield 5%.
The yield printed on top of yield talk.
Goldman Sachs International was the left bookrunner. JPMorgan, RBC and SG CIB were the joint bookrunners.
Proceeds will be used to refinance €500 million of the Mechelen, Belgium-based company’s 6 3/8% senior secured notes due 2020.
The issuing entity is Telenet Finance VI Luxembourg SCA.
| Issuer: | Telenet Finance VI Luxembourg SCA (Telenet Group Holding NV)
|
| Amount: | $530 million
|
| Maturity: | July 15, 2027
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs International
|
| Joint bookrunners: | JPMorgan, RBC, SG CIB
|
| Coupon: | 4 7/8%
|
| Price: | 98.885
|
| Yield: | 5%
|
| Spread: | 413 bps
|
| Call protection: | Six years
|
| Trade date: | July 21
|
| Expected ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
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