Romania's RCS & RDS details restructured €350 million notes offering

By Paul A. Harris

Portland, Ore., Oct. 23 - Romania-based telecom RCS & RDS SA is selling €350 million of seven-year senior secured notes (B1), according to market sources.

The deal, which is playing to both high-yield and emerging markets audiences, is expected to price late this week or early next week, according to a buyside source.

JPMorgan is the global coordinator.

Erste Group, SG CIB and UniCredit Bank are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

Proceeds, along with proceeds from a new term loan and liquidity facility, will be used to refinance debt.

The issuing entity will be Cable Communications Systems NV, the controlling shareholder of RCS & RDS.

The Bucharest-based company provides telecommunications services in Romania and Hungary.

A story which appeared in the Oct. 22 early edition of the Prospect News High Yield Daily and Prospect News Emerging Markets Daily incorrectly reported structural information, price talk and timing of the RCS & RDS notes offering.

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