Siemens Enterprise talks €200 million five-year notes with 11½% area yield, 23/4-3 points OID

By Paul A. Harris

St. Louis, Oct. 28 - Siemens Enterprise Communications talked its €200 million offering of five-year first-lien senior secured notes (B3/B-) with an 11½% area yield on Thursday, according to an informed source.

That yield factors in an original issue discount of approximately 2¾ points to 3 points.

Meanwhile, call protection is increased to four years from three years.

Pricing is set for Friday morning.

Jefferies & Co. is the left lead bookrunner for the Rule 144A and Regulation S for life notes. UBS Investment Bank and Wells Fargo Securities are the joint bookrunners.

Proceeds will be used for general corporate purposes, with a portion of the proceeds to be used to refinance debt and retire contractual obligations.

The prospective issuer is a London-based end-to-end enterprise communications provider.

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