By Paul A. Harris
St. Louis, Aug. 10 - BCM Ireland Finance Ltd. (Eircom Group plc) priced a €350 million issue of 10-year senior floating-rate notes (B2/B) at par to yield three-month Euribor plus 500 basis points on Thursday, according to an informed source.
The yield came at the tight end of the Euribor plus 500 to 525 basis points price talk.
Credit Suisse, Deutsche Bank Securities, JP Morgan, Barclays Capital and Dresdner Kleinwort ran the books for the notes, which were issued via Rule 144A and Regulation S.
Proceeds will be used to finance the acquisition of Eircom by Babcock & Brown.
According to an informed source, there was more than €4 billion of orders for the notes, with 275 accounts participating.
Dublin, Ireland-based Eircom operates fixed-line and mobile telephone networks, and is an internet service provider.
| Issuer: | BCM Ireland Finance Ltd. (Eircom Group plc)
|
| Amount: | €350 million
|
| Maturity: | Aug. 15, 2016
|
| Security description: | Senior floating-rate notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank Securities, JP Morgan, Barclays Capital, Dresdner Kleinwort
|
| Coupon: | Three-month Euribor plus 500 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 500 bps
|
| Call features: | Callable on and after Aug. 15, 2007 at 102, 101, par on and after Aug. 15, 2009
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | Euribor plus 500 to 525 bps
|
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