ONO talks upsized €350 million deal: fixed notes 10¼%-10½%, floaters Euribor plus 825-850 bps

By Paul A. Harris

St. Louis, May 6 - Price talk emerged Thursday on ONO Finance plc's upsized €350 million 10-year senior notes offerings (Caa2/CCC-), according to an informed source. The notes are being offering in both fixed- and floating-rate tranches.

The deal, which was upsized from €300 million, is expected to price on Friday.

The €250 million fixed-rate notes are talked to yield 10¼% to 10½%. They will come with five years of call protection and a 35% equity clawback, which was decreased from 40%.

The €100 million of floating-rate notes are talked at three-month Euribor plus 825 to 850 basis points. The floaters come with two years of call protection.

BNP Paribas and Morgan Stanley have the physical books on the Rule 144A/Regulation S offering. Banc of America Securities and Deutsche Bank Securities are joint bookrunners.

Proceeds will be used to refinance debt.

The issuer is a Madrid, Spain-based cable, telephone and internet company.

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