By Paul A. Harris
Portland, Ore., Jan. 21 - Spain's ONO Finance II plc priced €461 million equivalent of 8.5-year senior notes (Caa2/CCC/CCC) in two tranches on Friday, according to market sources.
The Madrid, Spain-based broadband communication and entertainment company priced a $225 million tranche of the notes at par to yield 10 7/8%.
The yield printed 12.5 basis points through the 11% to 11¼% price talk.
ONO also priced €295 million of the notes at par to yield 11 1/8%.
The euro-denominated notes also priced 12.5 bps through price talk, which was 11¼% to 11½%.
Deutsche Bank and Bank of America Merrill Lynch were the global coordinators and joint bookrunners for the quick-to-market deal.
BNP Paribas, Credit Agricole, Credit Suisse and J.P. Morgan Securities LLC were the joint bookrunners.
Proceeds will be used to refinance existing notes.
| Issuer: | ONO Finance II plc
|
| Amount: | €461 million equivalent
|
| Maturity: | July 15, 2019
|
| Securities: | Senior notes
|
| Global coordinators: | Deutsche Bank, Bank of America Merrill Lynch
|
| Joint bookrunners: | Deutsche Bank, Bank of America Merrill Lynch (global coordinators) BNP Paribas, Credit Agricole, Credit Suisse, J.P. Morgan Securities LLC
|
| Lead managers: | ING, Banco Santander, SG CIB
|
| Co-managers: | HSBC, Natixis Bleichroeder
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Fitch: CCC
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Quick to market
|
|
|
| Dollar-denominated notes
|
| Amount: | $225 million
|
| Coupon: | 10 7/8%
|
| Price: | Par
|
| Yield: | 10 7/8%
|
| Spread: | 771 bps
|
| First call: | Jan. 15, 2014 at 110.875
|
| Equity clawback: | 35% at 110.875 until Jan. 15, 2014
|
| Price talk: | 11%-11¼%
|
|
|
| Euro-denominated notes
|
| Amount: | €295 million
|
| Coupon: | 11 1/8%
|
| Price: | Par
|
| Yield: | 11 1/8%
|
| Spread: | 813 bps
|
| First call: | Jan. 15, 2014 at 111.125
|
| Equity clawback: | 35% at 111.125 until Jan. 15, 2014
|
| Price talk: | Price talk 11¼%-11½%
|
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