By Paul A. Harris
Portland, Ore., Feb. 4 – Banijay Group SAS and Banijay Entertainment SAS priced an upsized €1.34 billion equivalent of high-yield notes on Tuesday in three tranches, according to market sources.
A €575 million amount of five-year senior secured notes (B1/B/B+) priced at par to yield 3½%. The tranche size increased from €525 million. The yield printed 25 basis points through the 3¾% to 4% yield talk. Initial guidance was in the 4% area.
An upsized $403 million amount of five-year senior secured notes (B1/B/B+) priced at par to yield 5 3/8%. The tranche size increased from €325 million. The yield printed 37.5 bps through price talk in the 5¾% area. Initial talk was in the low-to-mid 6% area.
The sole unsecured tranche came as €400 million of six-year senior notes (Caa2/CCC+/CCC+), which priced at par to yield 6½%. The yield came 50 bps wide of talk the had the unsecured notes coming 250 bps behind the euro-denominated secured notes.
Banijay Group was the issuer of the unsecured notes, while the secured notes were priced via Banijay Entertainment.
Joint global coordinators were Deutsche Bank, Natixis and SG. Joint bookrunners were BNP Paribas and BofA.
The overall amount of issuance increased from €1.3 billion equivalent after having previously increased from €1.25 billion.
The euro-denominated term loan was downsized to €453 million from €503 million. The dollar-denominated term loan was downsized to $460 million from €450 million equivalent. Proceeds were shifted to the bonds.
The Paris-based independent production and distribution company plans to use the proceeds to redeem its 2022 notes and repay its senior secured credit facilities, as well as to fund its acquisition of Endemol Shine, and to finance the Bear Grylls acquisition and to repay related debt.
| Issuer: | Banijay Group
|
| Amount: | €1.34 billion equivalent, increased from €1.3 billion equivalent
|
| Joint global coordinators: | Deutsche Bank, Natixis and SG
|
| Joint bookrunners: | BNP Paribas and BofA
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 11
|
| Marketing: | Roadshow
|
|
|
| Euro secured notes
|
| Issuer: | Banijay Entertainment SAS
|
| Amount: | €575 million, increased from €525 million
|
| Maturity: | March 1, 2025
|
| Bill and deliver: | Natixis
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Spread: | 414 bps
|
| First call: | March 1, 2022 at 101.75
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¾% to 4%
|
|
|
| Dollar secured notes
|
| Issuer: | Banijay Entertainment SAS
|
| Amount: | $403 million, increased from €325 million equivalent
|
| Maturity: | March 1, 2025
|
| Bill and deliver: | Deutsche Bank
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 397 bps
|
| First call: | March 1, 2022 at 102.688
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5½% area
|
|
|
| Unsecured notes
|
| Issuer: | Banijay Group SAS
|
| Amount: | €400 million
|
| Maturity: | March 1, 2026
|
| Bill and deliver: | Deutsche Bank
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 712 bps
|
| First call: | Sept. 1, 2022 at 103.25
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Fitch: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 250 bps behind euro-denominated secured notes
|
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