Spain's ONO sets price talk for €460 million equivalent 8.5-year notes

By Paul A. Harris

Portland, Ore., Jan. 20 - Spain's ONO set price talk for its €460 million equivalent offering of 8.5-year senior notes on Thursday, according to an informed source.

A tranche of dollar-denominated notes is talked with an 11% to 11¼% yield.

Meanwhile, a tranche of euro-denominated notes is talked with an 11¼% to 11½% yield.

The notes are expected to price on Friday or Monday.

Deutsche Bank and Bank of America Merrill Lynch are the global coordinators for the Rule 144A and Regulation S offering.

BNP Paribas, Credit Agricole, Credit Suisse and J.P. Morgan Securities LLC are the joint bookrunners.

ING, Banco Santander and SG CIB are the lead managers. HSBC and Natixis Bleichroeder are the co-managers.

The notes, which are being issued by special purpose vehicle ONO Finance II plc, come three years of call protection.

Credit ratings remain to be determined.

The Madrid, Spain-based broadband communication and entertainment company will use the proceeds to refinance existing notes.

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