Eircom talks €350 million 10-year floaters at Euribor plus 500-525 bps

By Paul A. Harris

St. Louis, Aug. 8 - BCM Ireland Finance Ltd. (Eircom Group plc) has talked its €350 million offering of 10-year senior floating-rate notes (B) at Euribor plus 500 to 525 basis points, according to an informed source.

The books will close at noon ET on Wednesday. The notes will be priced on Thursday.

Credit Suisse, Deutsche Bank Securities, JP Morgan, Barclays Capital and Dresdner Kleinwort are joint bookrunners for the Rule 144A and Regulation S offering.

The notes become callable in one year at 102, with the call premium declining to 101 in two years and to par in three years.

Proceeds will be used to finance the acquisition of Eircom by Babcock & Brown.

Dublin, Ireland-based Eircom operates fixed-line and mobile telephone networks and is an internet service provider.

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