Published on 4/3/2003 in the Prospect News High Yield Daily.
New Issue: Vivendi Universal upsizes seven-year notes in two tranches to €1.2 billion
By Paul A. Harris
St. Louis, April 3 - Vivendi Universal upsized its offering of seven-year notes in two tranches to €1.2 billion from €1 billion and priced it on Thursday, according to syndicate sources.
Goldman Sachs & Co., JP Morgan, Banc of America Securities, Royal Bank of Scotland and Salomon Smith Barney were joint bookrunners on the Rule 144A offering. BNP Paribas, Credit Lyonnais, S.G. Cowen, Credit Agricole and Natexis Banques Populaires were co-managers.
The company sold a $935 million dollar-denominated tranche, which priced at par to yield 9¼%. Price talk was for a yield of 9¼%-9½%.
Vivendi also sold €325 million of 9½% notes at 98.746 to yield 9¾%. Price talk had the euro tranche coming 50 basis points behind the dollar-denominated tranche.
Proceeds will be used to refinance debt.
| Issuer: | Vivendi Universal
|
| Maturity: | April 15, 2010
|
| Security description: | Senior notes
|
| Bookrunners: | Goldman Sachs, JP Morgan, Banc of America Securities, Royal Bank of Scotland, Salomon Smith Barney
|
| Co-managers: | BNP Paribas, Credit Lyonnais, S.G. Cowen, Credit Agricole, Natexis Banques Populaires
|
| Settlement date: | April 8, 2003 (T+3)
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
|
|
| Dollar tranche
|
| Amount: | $935 million
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 533 basis points |
|
| Call features: | Callable on April 15, 2007 at 104.625, then at 102.313, declining to par on April 15, 2009 and thereafter
|
| Equity clawback: | Until April 15, 2006 for 35% at 109.25
|
| Rule 144A Cusip: | 92852EAA3
|
| Price talk: | 9¼%-9½%
|
|
|
| Euro tranche
|
| Amount: | €325 million
|
| Coupon: | 9½%
|
| Price: | 98.746
|
| Yield: | 9¾%
|
| Spread: | 601 basis points
|
| Call features: | Callable on April 15, 2007 at 104.75, then at 102.375, declining to par on April 15, 2009 and thereafter |
|
| Equity clawback: | Until April 15, 2006 for 35% at 109.50
|
| Rule 144A Common Code: 0165578576 |
|
| Price talk: | 50 basis points behind the dollar tranche
|
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