Versatel talks €525 million seven-year notes at Euribor plus 275 bps

By Paul A. Harris

St. Louis, June 13 - Versatel AG set price talk for its €525 million offering of seven-year senior secured floating-rate notes (B2/BB+) at Euribor plus 275 basis points on Wednesday, according to a market source.

The deal is expected to price on Thursday.

JP Morgan and Merrill Lynch & Co. are joint bookrunners for the Rule 144A and Regulation S note offering.

The notes will become callable after one year at 102.

Proceeds will be used to refinance a bridge facility, which was entered into by Versatel on April 26 in connection with its initial public offering. The IPO was used to refinance senior credit and second-lien facilities taken out in 2006 related to the financing of the Tropolys acquisition.

The company is a Dusseldorf, Germany, broadband services provider.

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