By Christine Van Dusen and Paul A. Harris
Atlanta, April 19 - WIND Telecomunicazioni SpA priced an upsized dual-tranche, multi-currency senior secured notes deal (Ba3/BB-/BB) on Friday, according to market sources.
The deal included an upsized $550 million tranche of seven-year fixed-rate notes which priced at par to yield 6½%.
The tranche was upsized from $400 million. The yield printed a the tight end of yield talk that was set in the 6 5/8% area.
In addition WIND priced a €150 million tranche of six-year floating-rate notes at par to yield three-month Euribor plus 525 basis points.
The Euribor spread came at the tight end of the Euribor plus 525 bps to 550 bps spread talk.
BNP Paribas, Banca IMI, Societe Generale, UBS and UniCredit were the bookrunners.
The notes were sold through Wind Acquisition Finance SA.
The Italian telecommunications firm, a unit of Russia's Vimpelcom, plans to use the proceeds to repay bank debt.
| Issuer: | WIND Acquisition Finance SA (WIND Telecomunicazioni SpA)
|
| Securities: | Senior secured notes
|
| Bookrunners: | BNP Paribas (bill and deliver), Banca IMI, SG CIB, UBS, UniCredit
|
| Trade date: | April 19
|
| Settlement date: | April 29
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A/Regulation S
|
| Marketing: | Quick-to-market
|
|
|
| Dollar-denominated notes
|
| Amount: | $550 million, increased from $400 million
|
| Maturity: | April 30, 2020
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 538 bps
|
| First call: | April 30, 2016 at 104.875
|
| Price talk: | 6 5/8% area
|
|
|
| Euro-denominated notes
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| Amount: | €150 million
|
| Maturity: | April 30, 2019
|
| Coupon: | Three-month Euribor plus 525 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 525 bps
|
| First call: | April 30, 2014 at 101
|
| Price talk: | Euribor plus 525 bps to 550 bps
|
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