By Paul A. Harris
Portland, Ore., Feb. 9 - Belgium's Telenet Finance III Luxembourg SCA priced a €300 million issue of 10-year senior secured notes (expected Ba3) at par to yield 6 5/8% on Wednesday, according to an informed source.
The yield printed on top of the price talk.
Credit Suisse, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, BNP Paribas, Royal Bank of Scotland and SG CIB were the joint bookrunners.
The issuer is an independent financing company that will lend the proceeds from the notes sale to Telenet International Finance Sarl, a subsidiary of Telenet NV, under an additional tranche under the Telenet group's existing credit facility.
Telenet intends to use the net proceeds from this new debt issuance to repay in full or in part the outstanding amounts under term loans J, K and L1 of the senior credit facility.
Telenet is a telecommunications company based in Mechelen, Belgium.
| Issuer: | Telenet Finance III Luxembourg SCA
|
| Amount: | €300 million
|
| Maturity: | Feb. 15, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Credit Suisse, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, BNP Paribas, Royal Bank of Scotland, SG CIB
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 335 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2016, then callable at 103.313, 102.209, 101.104, par on and after Feb. 15, 2019
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 15
|
| Expected rating: | Moody's: Ba3
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 5/8%
|
| Marketing: | Quick to market
|
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