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Orion Cable to price €365 million PIK facility in 11¾% area at 99
By Michelle Anderson
Rochester, N.H., March 29 - Orion Cable GmbH is expected to price its €365 million PIK facility Friday, according to a market source.
Price talk is for a coupon in the 11¾% area with a price of 99. An investor conference was held in London Thursday morning for the deal which will be issued through Orion's parent company Escaline Sarl.
Credit Suisse is the bookrunner on the deal.
Proceeds will be used to fund potential acquisitions, refinance existing debt and to buy out a minority shareholder.
Orion Cable is an Augsburg, Germany-based cable system operator.
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