Published on 11/17/2009 in the Prospect News High Yield Daily.
New Issues: Unitymedia upsizes, prices €2.095 billion and $845 million notes in three tranches
By Paul A. Harris
St. Louis, Nov. 17 - German cable firm Unitymedia priced three upsized tranches of notes on Tuesday, according to an informed source.
Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH priced €1.43 billion and $845 million of 8 1/8% eight-year senior secured notes (B1/BB-/) at 97.844 to yield 8½%.
The yield printed on top of yield talk. The issue price came within the context of the 1.5 points to 2.5 points of discount talk.
The euro-denominated notes tranche was upsized from €1.4 billion. The dollar-denominated tranche was upsized from $825 million after having previously been increased from $750 million.
In addition Unitymedia GmbH priced an upsized €665 million issue of 9 5/8% 10-year senior notes (B3/B-/) at 97.652 to yield 10%.
Once again, the yield printed on top of yield talk, and the issue price came within the context of the 1½ points to 2½ points of discount talk.
The senior notes tranche was upsized from €650 million, after having previously been increased from €600 million.
Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, Goldman Sachs International and J.P. Morgan Securities Ltd. were joint bookrunners.
Proceeds will be used to help finance the acquisition of the Unitymedia by Liberty Global in a transaction valued at $2.98 billion.
Issuers: | Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH
|
Face amounts: | €1.43 billion, increased from €1.4 billion
|
| $845 million, increased from $825 million, previously increased from $750 million
|
Proceeds: | €1,399,000,000 (approximate)
|
| $826,782,000 (approximate)
|
Maturity: | Dec. 1, 2017
|
Security description: | Senior secured notes
|
Bookrunners: | Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, Goldman Sachs International, J.P. Morgan Securities Ltd.
|
Coupon: | 8 1/8%
|
Price: | 97.844
|
Yield: | 8½%
|
Spreads: | Euro-denominated notes priced at Bunds plus 541 bps
|
| Dollar-denominated notes priced at Treasuries plus 540 bps
|
Call features: | Make whole at Bunds/Treasuries plus 50 bps until Dec. 1, 2012, then callable at 108.125, 104.063, 102.031, par on Dec. 1, 2015
|
Equity clawback: | 35% at 108.125 until Dec. 1, 2012
|
Trade date: | Nov. 17
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Settlement date: | Nov. 20
|
Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
Distribution: | Rule 144A/Regulation S for life
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Price talk: | 8½% area with 11/2-2½ points OID
|
|
Issuer: | Unitymedia GmbH
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Face amount: | €665 million, increased from €650 million and before that from €600 million
|
Maturity: | Dec. 1, 2019
|
Security description: | Senior notes
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Bookrunners: | Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, Goldman Sachs International, J.P. Morgan Securities Ltd.
|
Coupon: | 9 5/8%
|
Price: | 97.652
|
Yield: | 10%
|
Spread: | 668 bps
|
Call features: | Make-whole call at Bunds plus 50 bps until Dec. 1, 2014, then callable at 104.813, 103.208, 101.604, par on and after Dec. 1, 2017
|
Equity clawback: | 35% at 109.625 until Dec. 1, 2012
|
Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
Distribution: | Rule 144A/Regulation S for life
|
Price talk: | 10% area with 11/2-2½ points OID
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