Published on 7/6/2011 in the Prospect News High Yield Daily.
New Issue: Spain's Ono prices €300 million tap of 8 7/8% notes due 2018 at 99 to yield 9.06%
By Paul A. Harris
Portland, Ore., July 6 - Spain's Grupo Corporativo Ono SA priced a €300 million fungible add-on to its 8 7/8% senior secured notes due Dec. 1, 2018 (B2/B/) at 99 to yield 9.06% on Wednesday, according to an informed source.
The reoffer price came in the middle of price talk, which had been set at 98.5 to 99.5.
Deutsche Bank AG will bill and deliver.
Deutsche Bank, Bank of America Merrill Lynch and SG CIB are the global coordinators and joint bookrunners.
The joint bookrunners also included 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 Ltd. is the issuing entity.
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.
| Issuer: | Nara Cable Funding Ltd., a special purpose vehicle for Grupo Corporativo Ono SA
|
| Face amount: | €300 million
|
| Proceeds: | €297 million
|
| Maturity: | Dec. 1, 2018
|
| Security description: | Fungible add-on to 8 7/8% senior secured notes due Dec. 1, 2018
|
| Bill and deliver: | Deutsche Bank AG
|
| Global coordinators: | Deutsche Bank, Bank of America Merrill Lynch, SG CIB
|
| Bookrunners: | BBVA Securities Inc., BNP Paribas Securities, Credit Agricole CIB, Goldman Sachs International, ING, JPMorgan, Morgan Stanley, Natixis Bleichroeder, Banco Santander
|
| Coupon: | 8 7/8%
|
| Price: | 99.00
|
| Yield: | 9.06%
|
| Spread: | 645 bps
|
| Call features: | Callable on Dec. 1, 2013 at 108.875, 104.438, 102.219, par on and after Dec 1, 2016
|
| Trade date: | July 6
|
| Settlement date: | July 14 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 98.5 to 99.5
|
| Marketing: | Quick to market
|
| Original issue: | €700 million issue priced at par on Oct. 19, 2010
|
| Total issue size: | €1 billion
|
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