By Paul A. Harris
Portland, Ore., Sept. 11 - Polish Television Holding BV priced a €300 million issue of seven-year senior secured PIK toggle notes (/B-/) at par to yield 11% on Wednesday, according to a market source.
The yield printed at the tight end of the 11% to 11¼% yield talk.
The 11% coupon steps up by 100 basis points, to 12%, in the event of a PIK interest payment.
Joint bookrunner JPMorgan will bill and deliver. Deutsche Bank and Nomura were also joint bookrunners.
The Polish broadcaster plans to use the proceeds to refinance its notes due 2017.
Polish Television is the parent of TVN, which priced a €430 million issue of 7 3/8% senior notes (B1/B+/) due 2020 at par to yield 7.378% last Friday.
| Issuer: | Polish Television Holding BV
|
| Amount: | €300 million
|
| Maturity: | Jan. 15, 2021
|
| Securities: | Senior secured PIK toggle notes
|
| Bookrunners: | JPMorgan (bill and deliver), Deutsche Bank, Nomura
|
| Co-manager: | BNP Paribas
|
| Cash coupon: | 11%
|
| PIK coupon: | 12%
|
| Price: | Par
|
| Yield: | 11%
|
| Spread: | 952 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps until Jan. 15, 2017, then callable at 105.5, 102.75, par on and after Jan. 15, 2019
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 19
|
| Rating: | Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Yield talk: | 11% to 11¼%
|
| Marketing: | Quick to market
|
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