Spain's Ono sets Wednesday call for €300 million tap of 8 7/8% notes

By Paul A. Harris

Portland, Ore., July 5 - Spain's Grupo Corporativo Ono SA plans to host an investor call during European market hours Wednesday for a proposed €300 million fungible add-on to its 8 7/8% senior secured notes due Dec. 1, 2018, according to an informed source.

The deal is expected to price following the call.

Deutsche Bank AG, Bank of America Merrill Lynch and SG CIB are the global coordinators and joint bookrunners.

The syndicate of underwriters also includes BBVA Securities Inc., BNP Paribas Securities, Credit Agricole CIB, Goldman Sachs International, ING, Morgan Stanley, Natixis Bleichroeder and Banco Santander.

Special purpose vehicle Nara Cable Funding is the issuing entity.

The notes are callable at Bunds plus 50 basis points until Dec. 1, 2013, at which time they become callable at 108.88.

The Madrid, Spain-based cable TV operator plans to use the proceeds to repay debt.

The original €700 million issue priced at par on Oct. 19, 2010.

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