By Paul A. Harris
Portland, Ore., Nov. 7 - Serbia-based SBB/Telemach Group priced a €475 million issue of seven-year senior secured notes (B2/B/) at par to yield 7 7/8% on Thursday, according to market sources.
The yield printed in the middle of the 7¾% to 8% yield talk.
Global coordinator Credit Suisse will bill and deliver. BNP Paribas and Citigroup are also global coordinators. ING and KKR are joint bookrunners.
Proceeds will be used to help fund the acquisition of the company by Kohlberg Kravis Roberts.
SBB is a Kragujevac, Serbia-based cable television and broadband internet service provider.
| Issuer: | Adria BidCo (SBB/Telemach Group)
|
| Amount: | €475 million
|
| Maturity: | Nov. 15, 2020
|
| Securities: | Senior secured notes
|
| Global coordinators: | Credit Suisse (bill and deliver), BNP Paribas, Citigroup
|
| Bookrunners: | ING, KKR
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| First call: | Nov. 15, 2016 at 103.938
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 7¾% to 8%
|
| Marketing: | Roadshow
|
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