By Paul A. Harris
Portland, Ore., Jan. 26 - Spanish cable operator Grupo Corporative ONO priced a massively upsized $1 billion issue of notes mirroring its 8 7/8% senior secured notes due Dec. 1, 2018 (existing B1/confirmed B) at 96.934 to yield 9 5/8% on Thursday, according to a syndicate source.
The deal was upsized from $400 million.
The yield printed on top of yield talk.
Joint global coordinator and joint bookrunner JPMorgan will bill and deliver.
BNP Paribas and Deutsche Bank AG were also joint global coordinators and joint bookrunners. BBVA, Bank of America Merrill Lynch, Credit Agricole CIB, Goldman Sachs, ING, Morgan Stanley, Natixis, Banco Santander and SG CIB were also joint bookrunners.
The issuing entity will be special purpose vehicle Nara Cable Funding Ltd.
The Madrid-based company plans to use the proceeds to repay bank debt.
The company priced the original €700 million issue at par in October 2010 and a €300 million add-on at 99.00 to yield 9.06% in July 2011.
| Issuer: | Nara Cable Funding Ltd. (Grupo Corporativo ONO)
|
| Face amount: | $1 billion
|
| Maturity: | Dec. 1, 2018
|
| Security description: | Notes mirroring the 8 7/8% senior secured notes due Dec. 1, 2018
|
| Bill and deliver: | JPMorgan
|
| Global coordinators, bookrunners: | JPMorgan, BNP Paribas, Deutsche Bank AG
|
| Joint bookrunners: | BBVA, Bank of America Merrill Lynch, Credit Agricole CIB, Goldman Sachs, ING, Morgan Stanley, Natixis, Banco Santander, SG CIB
|
| Coupon: | 8 7/8%
|
| Price: | 96.934
|
| Yield: | 9 5/8%
|
| Call: | Make-whole call at Bunds plus 50 bps until Feb. 1, 2013, then callable at 108.88
|
| Fungibilty: | Non-fungible
|
| Trade date: | Jan. 26
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody's: B1 (existing)
|
| Standard & Poor's: B
|
| Price talk: | 9 5/8% area
|
| Original issue: | €700 million priced at par in October 2010
|
| Previous add-on: | €300 million priced at 99 to yield 9.06% in July 2011
|
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