New Issue: Poland's TVN prices €430 million 7 3/8% notes due 2020 at par to yield 7.378%

By Paul A. Harris

Portland, Ore., Sept. 6 - Polish broadcaster TVN priced a €430 million issue of 7 3/8% senior notes (B1/B+/) due 2020 at par to yield 7.378% on Friday, according to a market source.

The yield came in line with final guidance of 7 3/8%.

Joint bookrunner JPMorgan will bill and deliver. Deutsche Bank, Nomura and BNP Paribas were also joint bookrunners.

Proceeds will be used to repay debt.

Issuer:	TVN Finance Corp. III AB
Amount:	€430 million
Maturity:	Dec. 15, 2020
Securities:	Senior notes
Bookrunners:	JPMorgan (bill and deliver), Deutsche Bank, Nomura, BNP Paribas
Coupon:	7 3/8%
Price:	Par
Yield:	7.378%
Spread:	594 bps
First call:	Dec. 15, 2016 at 103.688
Trade date:	Sept. 6
Settlement date:	Sept. 16
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	7 3/8%
Marketing:	Quick to market

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