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Eircom to start roadshow Thursday for €425 million 10-year PIK floaters
By Paul A. Harris
St. Louis, Nov. 15 - BCE IPE Ltd. (Eircom Group plc) will begin a roadshow on Thursday in London for a €425 million offering of floating-rate PIK notes, according to an informed source.
The notes will mature in February 2017, which is six months after the company's existing floating-rate notes mature.
Credit Suisse, Deutsche Bank Securities, JP Morgan and Barclays Capital are joint bookrunners. Dresdner Kleinwort is the co-manager.
Proceeds will be used to fund a dividend to shareholders, the Employee Share Ownership Trust and sponsor Babcock & Brown Capital.
Eircom priced the above-mentioned €350 million issue of senior floating-rate notes due Aug. 15, 2016 (B2/B at the time of issue) at par to yield three-month Euribor plus 500 basis points on Aug. 10, 2006.
Dublin, Ireland-based Eircom operates fixed-line and mobile telephone networks and is an internet service provider.
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