By Paul A. Harris
Portland, Ore., March 27 – Eutelsat SA priced €600 million of five-year senior notes (Ba3/B+/BB+) on Wednesday at par with a coupon of 9¾%, according to market sources.
Pricing came at the tight end of revised talk for a yield of 9¾% to 10%, which tightened from earlier official talk for a yield of 10% to 10¼%.
The notes are non-callable for two years.
BNP Paribas, Credit Agricole CIB and SG Americas Securities LLC were joint global coordinators and active bookrunners for the Regulation S and Rule 144A deal. Goldman Sachs & Co. LLC, Helaba and Intesa Sanpaolo were also bookrunners.
Proceeds will be used for the partial refinancing of the company’s 2% senior notes due 2025.
Eutelsat is a Paris-based telecommunications company and satellite operator.
| Issuer: | Eutelsat SA
|
| Amount: | €600 million
|
| Issue: | Senior notes
|
| Maturity: | April 13, 2029
|
| Global coordinators: | BNP Paribas (billing and delivery), Credit Agricole CIB and SG Americas Securities LLC
|
| Joint bookrunners: | Goldman Sachs & Co. LLC, Helaba and Intesa Sanpaolo
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 774 bps
|
| Call: | Make-whole call at Bunds plus 50 bps; first call on April 13, 2026 at 104.875; starting April 13, 2027 at 102.438; then par after April 13, 2028
|
| Change of control: | At 101
|
| Trade date: | March 27
|
| Settlement date: | April 8
|
| Ratings: | Moody's: Ba3
|
| S&P: B+
|
| Fitch: BB+
|
| Distribution: | Regulation S and Rule 144A deal
|
| Price talk: | 10% to 10¼%
|
| Marketing: | Global investor call
|
| ISINs: | XS2796660384, XS2796660970
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
