Spain’s MasMovil/Lorca selling €720 million seven-year secured notes to refinance LBO bridge

By Paul A. Harris

Portland, Ore., Sept. 21 – Spain-based MasMovil/Lorca Telecom plans to sell €720 million of senior secured notes due Sept. 18, 2027 (B1/B+/BB), according to market sources.

Left lead bookrunner and global coordinator Morgan Stanley will bill and deliver for the Rule 144A and Regulation S offering. Barclays, BNP Paribas and Deutsche Bank are global coordinators and bookrunners. Credit Agricole, Mizuho and Santander are joint bookrunners.

The seven-year notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be Lorca Telecom Bondco S.A.U.

Proceeds will be used to help refinance the bridge loan put in place to fund the leveraged buyout of the Madrid-based telecom by Providence Equity Partners, Cinven. The deal, valued at €5 billion, including debt, was announce in early June.

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