By Paul A. Harris
St. Louis, Feb. 2 - ONO Finance II, a financing subsidiary of Spain-based cable TV company Grupo Corporativo ONO SA, priced a €270 million issue of eight-year senior notes (B3/CCC+/B-) at par to yield 8%, according to informed sources.
The yield came at the tight end of the 8% to 8 1/8% price talk.
A source close to the deal said that the order book was six-times oversubscribed and added that the bonds broke at 100.50 bid, 101 offered and were holding there early Thursday morning.
JP Morgan, The Royal Bank of Scotland and Calyon Securities were joint bookrunners for the Rule 144A and Regulation S notes.
Proceeds will be used to repay a bridge facility drawn in conjunction with ONO's acquisition of Auna Group in November.
ONO has headquarters in Madrid.
| Issuer: | ONO Finance II
|
| Amount: | €270 million
|
| Maturity: | May 16, 2014
|
| Security description: | Senior notes
|
| Bookrunners: | JP Morgan, The Royal Bank of Scotland, Calyon Securities
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 459 basis points
|
| Call features: | Callable on and after May 15, 2009 at 104.0, 102.0, 101.0, par on and after May 15, 2012
|
| Equity clawback: | Until May 15, 2009 for up to 35%
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 7
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Fitch: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 8%-8 1/8%
|
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