By Paul A. Harris
Portland, Ore., April 29 – Dublin-based telecommunications company eircom Finance DAC priced €750 million of senior secured notes (B1/B+/BB) at par to yield 3½% on Friday, according to a market source.
The yield printed at the tight end of yield talk in the 3¾% area.
The bonds were in the market as part of a notes and loan package that also included a seven-year term loan.
The overall size of the combined transaction was increased to €950 million from €850 million.
Joint global coordinator Citigroup will bill and deliver for the notes. Goldman Sachs was also a joint global coordinator.
Proceeds will be used to refinance notes due in May 2022 and finance a special dividend.
The additional proceeds resulting from the above-mentioned €100 million upsizing of the deal will be used in funding the dividend, a source said.
Issuer: | eircom Finance DAC
|
Amount: | €750 million
|
Tenor: | Seven year
|
Securities: | Senior secured notes
|
Joint global coordinators: | Citigroup (bill and deliver) and Goldman Sachs
|
Joint bookrunners: | BNP Paribas, Credit Suisse and JPMorgan
|
Coupon: | 3½%
|
Price: | Par
|
Yield: | 3½%
|
Call protection: | Three years
|
Trade date: | April 26
|
Ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB
|
Distribution: | Regulation S
|
Price talk: | 3¾% area
|
Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.