Wind sets talk for €500 million equivalent two-part note offering

By Paul A. Harris

Portland, Ore., April 18 - Italy's Wind Telecomunicazioni SpA came into Thursday's high-yield primary market with a €500 million equivalent two-part offering of senior secured notes (Ba3/BB-/BB), market sources said.

Offered is a $400 million tranche of seven-year fixed-rate notes, which are non-callable for three years and talked with a yield in the 6 5/8% area.

In addition Wind is offering €150 million of six-year floating-rate notes, which are non-callable for one year and talked at a Euribor spread of 525 basis points to 550 bps.

Pricing is set for Friday.

BNP Paribas, Banca IMI, Societe Generale, UBS and UniCredit are managing the sale.

The telecommunications company plans to use the proceeds to repay bank debt.

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