By Paul A. Harris
St. Louis, June 14 - German broadband provider Versatel AG priced a €525 million issue of seven-year senior secured floating-rate notes (B2/BB+) at par to yield three-month Euribor plus 275 basis points on Thursday, according to a market source.
The notes were priced on top of the price talk.
JP Morgan and Merrill Lynch & Co. were joint bookrunners for the Rule 144A and Regulation S note offering.
Proceeds will be used to refinance a bridge facility that was entered into by Versatel on April 26, 2007 in connection with its initial public offering for purposes of refinancing senior credit and second-lien facilities. Those facilities were taken out in 2006 in connection with the financing of the Tropolys acquisition.
The company is based Dusseldorf, Germany.
| Issuer: | Versatel AG
|
| Amount: | €525 million
|
| Maturity: | June 15, 2014
|
| Security description: | Senior secured floating-rate notes
|
| Bookrunners: | JP Morgan, Merrill Lynch & Co.
|
| Coupon: | Three-month Euribor plus 275 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 275 bps
|
| Call features: | Callable on June 15, 2008 at 102, 101, par on and after June 15, 2010
|
| Pricing date: | June 14
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | Euribor plus 275 bps area
|
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