Published on 12/10/2009 in the Prospect News High Yield Daily.
New Issue: Wind sells upsized €748 million equivalent 12¼% notes due 2017 at 98.325 to yield 12½%
By Paul A. Harris
St. Louis, Dec. 10 - Wind Acquisition Holdings Finance SA priced a massively upsized €748 million equivalent amount of 12¼% senior notes due July 15, 2017 (B3/B-/) at 98.325 to yield 12½% on Thursday, according to an informed source.
The deal was talked with a 12½% area all-in yield, to price at a discount.
The tranche sizes were $625 million and €325 million.
Morgan Stanley, Banca IMI, Calyon Securities, Citigroup, JPMorgan and Natixis Bleichroeder were joint bookrunners for the deal, which was upsized from €500 million equivalent.
Proceeds will be used to fund a cash distribution to Weather Group.
The prospective issuer is a subsidiary of Italian telecommunications company Wind Telecomunicazioni SpA.
| Issuer: | Wind Acquisition Holdings Finance SA
|
| Amount: | €748 million equivalent, increased from €500 million equivalent
|
| Tranches: | $625 million and €325 million
|
| Proceeds: | $614,531,000 (approximate) and €319,556,000 (approximate)
|
| Maturity: | July 15, 2017
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley, Banca IMI, Calyon Securities, Citigroup, JPMorgan, Natixis Bleichroeder
|
| Coupon: | 12¼%
|
| Price: | 98.325
|
| Yield: | 12½%
|
| Spreads: | Treasuries plus 995 bps and Bunds plus 965 bps
|
| Call features: | Make-whole call at Treasuries/Bunds plus 50 bps until July 15, 2013, then callable at 106.125, 103.063, par on and after July 15, 2015
|
| Equity clawback: | 35% at 112.25 until July 15, 2012
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 12½% area, all-in yield, at a discount
|
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