By Paul A. Harris
St. Louis, April 8 - Lighthouse International Co. SA (SEAT Pagine Gialle SpA) priced an upsized issue of €1.3 billion of 10-year senior notes (B3/B) Thursday at par to yield 8%, according to a market source.
Price talk was 8% to 8¼%.
Credit Suisse First Boston had the physical books on the Rule 144A/Regulation S issue, which has no registration rights. Barclays Capital, BNP Paribas and Royal Bank of Scotland were joint bookrunners.
The notes will be guaranteed by SEAT on a subordinated basis.
Proceeds will be used to repay debt incurred in funding the acquisition of a 61.5% stake in SEAT from Telecom Italia by a consortium of investors including BC Partners, CVC, Investitori Associati and Permira.
The issue was upsized from €1.15 billion, with proceeds from the increase to be used to eliminate the company's second lien notes.
The issuer is a Turin, Italy-based publisher of telephone directories and provider of directory assistance and marketing services in Italy, the United Kingdom, Germany and Austria.
| Issuer: | Lighthouse International Co. SA (SEAT Pagine Gialle SpA)
|
| Amount: | €1.3 billion (increased from €1.15 billion)
|
| Maturity: | April 30, 2014
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse First Boston (physical books), Barclays Capital, BNP Paribas, Royal Bank of Scotland (joint books)
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 397 basis points
|
| Call features: | Callable after April 30, 2009 at 104.00, 102.667, 101.333, par on or after April 30, 2012
|
| Equity clawback: | Until April 30, 2007 for 35% at 108.0
|
| Pricing date: | April 8
|
| Settlement date: | April 22
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 8%-8¼%
|
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