By Paul A. Harris
St. Louis, Nov. 22 - Wind Acquisition Finance SA (Wind Telecomunicazioni) priced approximately €1.25 billion of 10-year senior notes (B3/B-) in two tranches on Tuesday, according to market sources.
The company priced an €825 million issue at par to yield 9¾%, at the tight end of the 9¾% to 10% price talk.
Wind also priced $500 million at par to yield 10¾%, on the wide end of the 10½% to 10¾% price talk.
Deutsche Bank Securities, ABN Amro and Banca IMI were joint bookrunners. WestLB was a co-manager.
Proceeds will be used to support the acquisition of Wind by Weather Investment.
The issuer is based in Rome.
| Issuer: | Wind Acquisition Finance SA (Wind Telecomunicazioni)
|
| Amount: | €1.25 billion approximate
|
| Maturity: | Dec. 1, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities, ABN Amro, Banca IMI
|
| Co-manager: | WestLB
|
| Trade date: | Nov. 22
|
| Settlement date: | Nov. 28
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
|
|
| Euro-denominated tranche
|
| Amount: | €825 million
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 626 basis points
|
| Call protection: | Five years
|
| Price talk: | 9¾% to 10%
|
|
|
| Dollar-denominated tranche
|
| Amount: | $500 million
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Spread: | 627 basis points
|
| Call protection: | Five years
|
| Price talk: | 10½% to 10¾%
|
|
|
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