New Issue: Bulgaria's Vivacom prices €400 million secured notes at par to yield 6 5/8%

By Paul A. Harris

Portland, Ore., Nov. 15 - Bulgarian telecommunications company Vivacom priced a €400 million issue of five-year senior secured notes (B1/BB-/) at par to yield 6 5/8% on Friday, according to a market source.

The yield printed on top of revised yield talk. Previous talk was in the 6¾% area. Initial guidance was 6¾% to 7%.

Global coordinator Credit Suisse will bill and deliver. VTB Capital was also a global coordinator. Barclays and Deutsche Bank were the joint bookrunners.

The Sofia, Bulgaria-based company plans to use the proceeds, along with €64 million of cash, to refinance debt.

Issuer:	Vivacom (Bulgarian Telecommunications Co. EAD)
Amount:	€400 million
Maturity:	Nov. 15, 2018
Securities:	Senior secured notes
Global coordinators:	Credit Suisse (bill and deliver), VTB Capital
Bookrunners:	Barclays, Deutsche Bank
Co-managers:	SG CIB
Coupon:	6 5/8%
Price:	Par
Yield:	6 5/8%
Spread:	597 bps
First call:	Nov. 15, 2015 at 103.313
Trade date:	Nov. 15
Settlement date:	Nov. 22
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	6 5/8%, revised from 6¾% area (initial guidance was 6¾% to 7%)
Marketing:	Roadshow

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