New Issue: Ziggo sells €1.21 billion 8% eight-year notes at 99.271 to yield 8 1/8%

By Paul A. Harris

St. Louis, April 27 - Dutch cable television operator Ziggo Bond Co. BV priced a €1,208,850,000 issue of 8% eight-year senior notes (B2/B/) at 99.271 to yield 8 1/8% on Tuesday, according to an informed source.

The yield printed on the tight end of the 8¼% area price talk.

Credit Suisse and Goldman Sachs were the joint physical bookrunners. BNP Paribas, Deutsche Bank, ING and JPMorgan were the joint bookrunners.

Morgan Stanley and RBS Securities were lead managers, with co-managers Fortis Investments, Lloyds, Natixis Bleichroeder, Nomura, Rabo Bank and SG Corporate & Investment Banking.

Proceeds will be used to refinance mezzanine debt.

Issuer:	Ziggo Bond Co. BV
Face amount:	€1,208,850,000
Proceeds:	€1.2 billion (approximate)
Maturity:	May 15, 2018
Securities:	Senior notes
Joint physical books:	Credit Suisse, Goldman Sachs
Joint bookrunners:	BNP Paribas, Deutsche Bank, ING, JPMorgan
Co-managers:	Morgan Stanley, RBS Securities (lead managers), Fortis Investments, Lloyds, Natixis Bleichroeder, Nomura, Rabo Bank, SG Corporate & Investment Banking
Coupon:	8%
Price:	99.271
Yield:	8 1/8%
Spread:	540 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 15, 2014, then callable at 104, 102, par on and after May 15, 2016
Equity clawback:	35% at 108.0 until May 15, 2013
Trade date:	April 27
Settlement date:	May 7
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	8¼% area

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