By Paul A. Harris
Portland, Ore., Oct. 17 – Netherlands-based cable operator VodafoneZiggo priced two tranches of 10.25-year senior secured notes (expected ratings B1/B+/BB) on Thursday, according to market sources.
The deal included $500 million of notes that priced at par to yield 4 7/8%, 12.5 basis points inside of the tight end of yield talk in the 5 1/8% area, and €425 million of notes that priced at par to yield 2 7/8%, also 12.5 bps inside of the tight end of yield talk in the 3 1/8% area.
BofA Securities was the left bookrunner for the dollar-denominated notes.
Credit Suisse and HSBC were the active bookrunners for the euro-denominated notes.
The notes were priced via Ziggo BV.
Proceeds, along with proceeds from a new euro-denominated term loan, will be used to pay off the existing €2.25 billion term loan F due 2025 and repay €800 million of 3¾% senior secured notes due 2025 and €72 million of 3 5/8% senior secured notes due 2020.
| Issuer: | Ziggo BV
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Senior secured notes
|
| Call protection: | Five years
|
| Trade date: | Oct. 17
|
| Settlement date: | Oct. 28
|
| Expected ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $500 million
|
| Left bookrunner: | BofA Securities
|
| Joint bookrunners: | Barclays, Credit Suisse, HSBC, ING, Morgan Stanley, Rabo and SG CIB
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Price talk: | 5 1/8% area
|
|
|
| Euro-denominated notes
|
| Amount: | €425 million
|
| Active bookrunners: | Credit Suisse and HSBC
|
| Passive bookrunners: | BofA Securities, Barclays, ING, Morgan Stanley, Rabo and SG
|
| Coupon: | 2 7/8%
|
| Price: | Par
|
| Yield: | 2 7/8%
|
| Price talk: | 3 1/8% area
|
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