Published on 3/12/2015 in the Prospect News High Yield Daily.
New Issue: Wind prices upsized 775 million two-part offering of notes
By Paul A. Harris
Portland, Ore., March 12 Wind Acquisition Finance SA priced 775 million of senior secured notes due July 15, 2020 (Ba3/BB) on Thursday in a two-part deal, which was upsized from 600 million, according to a market source.
A 375 million add-on to the existing 4% notes priced at 101.25 to yield 3.737%. The reoffer price came in the middle of the 101 to 101.5 price talk.
A 400 million tranche of new floating-rate notes priced at par to yield Euribor plus 412.5 basis points. The Euribor spread came at the tight end of spread talk in the 425 bps area.
Joint bookrunner Deutsche Bank will bill and deliver. Banca IMI, BNP Paribas, Credit Agricole CIB and HSBC are also joint bookrunners.
The Italian telecommunications firm, a unit of Russias Vimpelcom, plans to use the proceeds to repay bank debt.
| Issuer: | Wind Acquisition Finance SA
|
| Amount: | 775 million, increased from 600 million
|
| Maturity: | July 15, 2020
|
| Bookrunners: | Deutsche Bank (bill and deliver), Banca IMI, BNP Paribas, Credit Agricole CIB, HSBC
|
| Trade date: | March 12
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Add-on
|
| Amount: | 375 million
|
| Security description: | Add-on to 4% senior secured notes due July 15, 2020
|
| Coupon: | 4%
|
| Price: | 101.25
|
| Yield: | 3.737%
|
| Spread: | 386 bps
|
| First call: | July 15, 2016 at 102
|
| Price talk: | 101 to 101.5
|
| Original issue: | 2.15 billion issue priced at par on June 24, 2014
|
| Total issue size: | 2,525,000,000
|
|
|
| New floating-rate notes
|
| Amount: | 400 million
|
| Coupon: | Euribor plus 412.5 bps
|
| Price: | Par
|
| Yield: | Euribor plus 412.5 bps
|
| First call: | July 15, 2016 at 102
|
| Price talk: | Euribor plus 425 bps area
|
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