Published on 5/7/2004 in the Prospect News High Yield Daily.
New Issue: ONO downsizes to €280 million, prices 10-year fixed, floating tranches
By Paul A. Harris
St. Louis, May 7 - ONO Finance plc priced a downsized €280 million of senior notes (Caa2/CCC-/B-) on Friday, according to a syndicate source.
The Spanish cable, telephone and internet company priced a downsized €180 million of 10-year senior fixed-rate notes at par to yield 10½%. Price talk was 10¼% to 10½%. The issue was decreased from €250 million.
The company also sold €100 million of 10-year senior floating-rate notes at par. The coupon will float at three-month Euribor plus 850 basis points. Price talk was three-month Euribor plus 825 to 850 basis points.
Banc of America Securities and BNP Paribas had the physical books on the Rule 144A/Regulation S issue. Deutsche Bank Securities and Morgan Stanley were joint bookrunners.
Proceeds will be used to refinance debt.
| Issuer: | ONO Finance plc
|
| Amount: | €280 million, decreased from €350 million
|
| Bookrunners: | Banc of America Securities, BNP Paribas (physical books), Deutsche Bank Securities, Morgan Stanley (joint bookrunners)
|
| Pricing date: | May 7
|
| Settlement date: | May 17
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC-
|
| Fitch: B-
|
|
|
| Fixed-rate tranche
|
| Amount: | €180 million, decreased from €250 million
|
| Maturity: | May 15, 2014
|
| Security description: | Senior fixed rate notes
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call features: | Callable after May 15, 2009 at 105.25, 103.50, 101.75
|
| Equity clawback: | Until May 15, 2007 for 35% (decreased from 40%) at 110.50
|
| Price talk: | 10¼%-10½%
|
|
|
| Floating-rate tranche
|
| Amount: | €100 million
|
| Maturity: | May 15, 2014
|
| Security description: | Senior floating-rate notes
|
| Coupon: | Three-month Euribor plus 850 basis points
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 850 basis points
|
| Call features: | Callable after May 15, 2006 at 103, 102, 101, par on or after May 15, 2009
|
| Price talk: | Three-month Euribor plus 825-850 basis points
|
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