By Paul A. Harris
Portland, Ore., Sept. 13 – Banijay Entertainment SAS priced two tranches of 5.5-year senior secured notes (B1/B+/BB-) in a dual-currency execution on Wednesday, according to market sources.
The deal included a $400 million tranche of notes that came at par to yield 8 1/8%. The yield printed at the tight end of yield talk in the 8¼% area. Initial guidance was in the low-to-mid 8% area.
The offering also included a €540 million tranche of notes that priced at par to yield 7%. The yield printed on top of revised yield talk; earlier talk was in the 7¼% area. Initial guidance was in the mid-to-high 7% area.
The announced tranche sizes were $350 million minimum and €350 million minimum.
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.
| Issuer: | Banijay Entertainment SAS
|
| Issue: | Senior secured notes
|
| Maturity: | May 1, 2029
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| Managers: | BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, Natixis and SG CIB
|
| Bill and deliver: | Deutsche Bank (dollar notes); Natixis (euro notes)
|
| Call protection: | Two years
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody’s: B1
|
| S&P: B+
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| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
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|
|
| Dollar notes
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| Amount: | $400 million
|
| Coupon: | 8 1/8%
|
| Price: | Par
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| Yield: | 8 1/8%
|
| Spread: | 371 bps
|
| Price talk: | 8¼% area
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|
|
| Euro notes
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| Amount: | €540 million
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| Coupon: | 7%
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| Price: | Par
|
| Yield: | 7%
|
| Spread: | 437 bps
|
| Price talk: | 7% area, revised from 7¼% area
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