By Paul A. Harris
St. Louis, Nov. 17 - BCE IPE Ltd. (Eircom Group plc) priced a €425 million issue of floating-rate PIK notes (B-) at par to yield three-month Euribor plus 700 basis points on Friday, according to an informed source.
The issue priced on top of the price talk.
The notes will mature on Feb. 15, 2017, which is six months after the company's existing floating-rate notes mature.
Credit Suisse, Deutsche Bank Securities, JP Morgan and Barclays Capital were joint bookrunners. Dresdner Kleinwort was 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.
| Issuer: | BCE IPE Ltd. (Eircom Group plc)
|
| Amount: | €425 million
|
| Maturity: | Feb. 15, 2017
|
| Security description: | Floating-rate PIK notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank Securities, JP Morgan, Barclays Capital
|
| Co-manager: | Dresdner Kleinwort
|
| Coupon: | Three-month Euribor plus 700 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 700 bps
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 24
|
| Rating: | Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | Euribor plus 700 bps at par
|
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