By Paul A. Harris
Portland, Ore., May 9 - Ireland's eircom priced an upsized €350 million issue of seven-year senior secured notes (Caa1/B/B) at par to yield 9¼% on Thursday, according to a market source.
The yield printed 12.5 basis points inside of price talk that was set in the 9½% area.
Goldman Sachs and JPMorgan were the joint global coordinators and joint physical bookrunners. Deutsche Bank was also a joint global coordinator as well as a joint bookrunner.
BNP Paribas, BofA Merrill Lynch and Morgan Stanley are also joint bookrunners.
The Dublin-based company plans to use the proceeds to repay bank debt.
Issuer: | eircom
|
Amount: | €350 million, increased from €310 million
|
Maturity: | May 15, 2020
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Securities: | Senior secured notes
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Joint global coordinators: | Goldman Sachs, JPMorgan, Deutsche Bank
|
Joint physical bookrunners: | Goldman Sachs, JPMorgan
|
Joint bookrunners: | BNP Paribas, BofA Merrill Lynch
|
Coupon: | 9¼%
|
Price: | Par
|
Yield: | 9¼%
|
Spread: | 854 bps
|
First call: | May 15, 2016 at 104.625
|
Trade date: | May 9
|
Settlement date: | May 20
|
Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Fitch: B
|
Price talk: | 9½% area
|
Marketing: | Roadshow
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