Unity Media talks €1.35 billion seven-year secured floaters at Euribor plus 300 bps

By Paul A. Harris

St. Louis, March 28 - German cable TV company Unity Media talked its €1.35 billion offering of seven-year senior secured floating-rate notes (B3/B) at three-month Euribor plus 300 basis points, according to market sources.

Although the company had contemplated a dollar-denominated tranche as part of the offering, the bonds are now expected to be issued in a single euro-denominated tranche, sources added.

Pricing is expected on Wednesday.

Citigroup, Deutsche Bank Securities and Goldman Sachs & Co. are the underwriters.

The notes will become callable at 102 after one year, with the call premium declining to 101 in the second year and to par in the third year.

Proceeds will be used to refinance Iesy debt.

Unity Media was formed by the 2005 merger of Iesy Hessen GmbH & Co. and ISH NRW GmbH.

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