Published on 1/12/2017 in the Prospect News High Yield Daily.
New Issue: TalkTalk Telecom prices upsized £400 million five-year notes at par to yield 5 3/8%
By Paul A. Harris
Portland, Ore., Jan. 12 – TalkTalk Telecom Group plc priced an upsized £400 million issue of five-year senior notes (BB-/BB-) at par to yield 5 3/8% on Thursday, according to a market source.
The issue was upsized from £300 million.
The yield printed 12.5 basis points inside of the 5½% to 5¾% yield talk.
Joint global coordinator Barclays will bill and deliver. HSBC and NatWest Markets were also joint global coordinators.
The London-based provider of pay television, telecommunications, internet and mobile network services plans to use the proceeds to repay its revolving credit facility. The additional proceeds resulting from the £100 million upsizing of the deal will be used to repay its 2014 revolver.
| Issuer: | TalkTalk Telecom Group plc
|
| Amount: | £400 million, increased from £300 million
|
| Maturity: | Jan. 15, 2022
|
| Securities: | Senior notes
|
| Global coordinators: | Barclays (bill and deliver), HSBC, NatWest Markets
|
| Joint lead managers: | Bank of China, BNP Paribas, Credit Suisse, CM-CIC, DNB Markets, MUFG, Santander
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 476 bps
|
| Call: | Make-whole call at Gilts plus 50 bps until Jan. 15, 2019, the callable at 102.688
|
| Trade date: | Jan. 12
|
| Settlement date: | Jan. 17
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Regulation S only
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Roadshow
|
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