Banijay Entertainment starts roadshow for €910 million equivalent dollar and euro secured notes

By Paul A. Harris

Portland, Ore., Sep. 7 – Banijay Entertainment SAS plans to price a €910 million equivalent two-part offering of 5.5-year senior secured notes (B1//BB-) in the Sept. 11 week, according to market sources.

The Rule 144A and Regulation S deal features a €350 million minimum tranche of notes with initial guidance in the mid-to-high 7% area and a $350 million minimum tranche of notes with initial guidance in the low-to-mid 8% area.

The deal, which was scheduled to kick off on a Thursday conference call with investors, will be shopped by telephone through Monday.

The notes in both tranches come with two years of call protection.

Joint bookrunners BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, Natixis and SG CIB are managing the notes sale.

Natixis will bill and deliver for the euro-denominated notes. Deutsche Bank will bill and deliver for the dollar-denominated notes.

The Paris-based television distribution and production company plans to use the proceeds to fully redeem its €575 million of 3½% senior secured notes due March 2025 and its $348 million of 5 3/8% senior secured notes due March 2025.

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