By Paul A. Harris
Portland, Ore., Oct. 1 - Emma Delta Finance plc priced €400 million of non-rated four-year senior secured notes in two tranches on Tuesday, according to an informed source.
A €250 million tranche of first-lien notes priced at par to yield 8½%, on top of price talk.
A €150 million tranche of 12% second-lien notes priced at 98.2 to yield 12.577%. Price talk for the second-lien notes was 12%.
Jefferies LLC was the bookrunner.
Proceeds will be used to fund the purchase of 105.27 million shares of OPAP SA, representing a 33% stake, to fund the first four coupon payments into the interest escrow account.
The company is an Athens, Greece-based betting consortium.
| Issuer: | Emma Delta Finance plc
|
| Amount: | €400 million
|
| Maturity: | Oct. 15, 2017
|
| Bookrunner: | Jefferies LLC
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 10
|
| Ratings: | Non-rated
|
| Distribution: | Regulation D and Regulation S
|
| Marketing: | Roadshow
|
|
|
| First-lien notes
|
| Amount: | €250 million
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call protection: | Callable in one year at 108.50, 104.25, par
|
| Price talk: | 8½% area
|
|
|
| Second-lien notes
|
| Amount: | €150 million
|
| Coupon: | 12%
|
| Price: | 98.2
|
| Yield | 12.577%
|
| Call protection: | Non-callable
|
| Price talk: | 12%
|
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