Wind sets talk for €500 million equivalent two-part mirror notes

By Paul A. Harris

Portland, Ore., April 3 - Italy's Wind Acquisition Finance SA set price talk for a €500 million equivalent two-part offering of notes mirroring its senior secured notes due Feb. 15, 2018 (Ba3/BB) on Tuesday, according to a syndicate source.

Notes mirroring the euro-denominated 7 3/8% notes are talked at 90 to 91, and notes mirroring the dollar-denominated 7¼% notes are talked at 92 to 93.

Tranche sizes remain to be determined.

Pricing is set for Wednesday.

Deutsche Bank, BNP Paribas and Banca IMI are joint global coordinators and joint bookrunners. Barclays, Credit Suisse, ING and SG CIB are joint bookrunners.

The mirror notes will not be fungible with the existing issues.

The telecommunications firm plans to use the proceeds to repay debt incurred to fund the acquisition of spectrum in an auction and for general corporate purposes.

In November 2010 the company priced €1.75 billion of the 7 3/8% notes at 99.327 to yield 7½% and $1.3 billion of the 7¼% notes at 99.323 to yield 7 3/8%.

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