By Michelle Anderson
Rochester, N.H., March 29 - Orion Cable GmbH priced an upsized €400 million three-month floating-rate Euribor plus 1175 basis points PIK loan at 99 on Friday, according to a market source.
The 10-year loan was upsized from €365 million after a Thursday investor conference in London. The deal will be issued through Orion's parent company Escaline Sarl.
Credit Suisse is the bookrunner on the deal, which has an option to repackage as notes.
It is non-callable for 15 months.
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.
| Issuer: | Orion Cable GmbH
|
| Amount: | €400 million
|
| Security description: | PIK loan
|
| Coupon: | 3-month Euribor plus 1175 bps
|
| Issue price: | 99
|
| Maturity: | April 2017
|
| Trade date: | March 30
|
| Settlement date: | April 17
|
| Call features: | Non-callable for 15 months, then at par, 102%, 101% and par
|
| Distribution: | Repackaged notes via Regulation S
|
| Bookrunner: | Credit Suisse
|
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