New Issue: Holland's Ziggo prices upsized €750 million seven-year notes at par to yield 6 1/8%

By Paul A. Harris

St. Louis, Oct. 21 - Dutch cable operator Ziggo Finance BV priced an upsized €750 million issue of seven-year senior secured notes (Ba2/BB/) at par to yield 6 1/8% on Thursday, according to an informed source.

The yield printed at the wide end of the 6% to 6 1/8% price talk.

Credit Suisse and Goldman Sachs & Co. were the global coordinators and joint bookrunners for the issue, which was upsized from €500 million.

Deutsche Bank Securities, JPMorgan and Morgan Stanley were also joint bookrunners

Proceeds will be used to repay bank debt.

Ziggo is based in Utrecht, the Netherlands.

Issuer:	Ziggo Finance BV
Amount:	€750 million, increased from €500 million
Maturity:	Nov. 15, 2017
Securities:	Senior secured notes
Global coordinators:	Credit Suisse, Goldman Sachs & Co.
Joint bookrunners:	Credit Suisse, Goldman Sachs & Co., Deutsche Bank Securities, JPMorgan, Morgan Stanley
Lead managers:	BNP Paribas, ING, Royal Bank of Scotland
Co-managers:	ABN Amro, Lloyds TSB, Natixis Bleichroeder, Nomura Securities, Rabobank, SG CIB
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
Spread:	420 bps
Call features:	Make-whole at Bunds plus 50 bps until Nov. 15, 2013, then callable at 103.063, 101.531, par on and after Nov. 15, 2015
Equity clawback:	35% at 106.125 until Nov. 5, 2013
Trade date:	Oct. 21
Settlement date:	Oct. 29
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S
Price talk:	6% to 6 1/8%

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