By Paul A. Harris
St. Louis, March 29 - German cable TV company Unity Media priced a €1.35 billion issue of seven-year senior secured floating-rate notes (B3/B) at par to yield three-month Euribor plus 287.5 basis points on Wednesday, according to a market source.
The yield came at the tight end of the three-month Euribor plus 300 basis points area price talk.
The company abandoned a contemplated dollar-denominated tranche, sources added.
Citigroup, Deutsche Bank Securities and Goldman Sachs & Co. are the underwriters.
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.
| Issuer: | Unity Media (Iesy Hessen GmbH & Co./Ish NRW GmbH)
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| Amount: | €1.35 billion
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| Maturity: | April 1, 2013
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| Security description: | Senior secured floating-rate notes
|
| Lead managers: | Citigroup, Deutsche Bank Securities, Goldman Sachs & Co.
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| Coupon: | Three-month Euribor plus 287.5 basis points
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 287.5 basis points
|
| Call features: | Non-callable for one year, then at 102, 101, par
|
| Trade date: | March 29
|
| Settlement date: | April 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | Three-month Euribor plus 300 basis points area
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