Wind Telecomunicazioni's €2.7 billion equivalent senior notes to price late June, early July

By Paul A. Harris

St. Louis, June 19 - Wind Acquisition Finance SA, a financing unit of Italy's Wind Telecomunicazioni SpA, plans to sell €2.7 billion equivalent of senior notes in late June or early July, according to an informed source.

Deutsche Bank Securities Inc., Credit Suisse and RBS Securities Inc. will lead the deal, which is expected to come in tranches of dollar-denominated and euro-denominated notes.

Proceeds will be used to refinance €2 billion of payment-in-kind loans due 2011 and to fund a dividend to Weather Investments SpA, the holding company that acquired Wind in 2005.

The timing of the note issue hinges on the outcome of a consent solicitation to holders of Wind's second-lien debt maturing 2014 and its 9¾% and 10¾% senior notes due 2015, in which those debtholders are being asked to approve the above-described uses of proceeds.

That consent solicitation expires on July 1.

Wind is based in Milan, Italy.

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