VodafoneZiggo returns with €400 million 4.25-year vendor finance notes talked at 2½%-2¾%

By Paul A. Harris

Portland, Ore., Oct. 23 – Less than a week after it priced approximately €975 million of senior secured notes due January 2030, in dollar- and euro-denominated tranches, Netherlands-based cable operator VodafoneZiggo is back in the high-yield primary market with a €400 million offering of 4.25-year vendor financing notes, according to market sources.

Price talk of 2½% to 2¾% surfaced Wednesday on the deal, which is expected to garner low-to-mid single B credit ratings, the source said.

Citigroup and Credit Suisse are managing the sale.

The notes, which are set to mature in January 2024, come with one year of call protection.

Proceeds will be used to pay down the company’s vendor financing program.

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