By Paul A. Harris
Portland, Ore., Jan. 26 – United Group priced €480 million of Euribor plus 425 basis points five-year senior secured floating-rate notes (B2/B) at par on Friday, according to market sources.
The spread and price came on top of talk.
The Amsterdam-based telecom plans to use the proceeds to refinance €480 million of its Euribor plus 487.5 bps floating-rate notes due February 2029.
It was the fourth tranche of notes that the company priced in three days, for an overall face amount of €1.73 billion.
To recap, on Wednesday United Group placed €950 million of seven-year senior secured notes (B2/B) in fixed- and floating-rate tranches.
A €300 million tranche of 6¾% fixed-rate notes priced at par to yield 6.749%.
A €650 million tranche of seven-year senior secured floating-rate notes priced with a 425 bps spread to Euribor at par.
And a €300 million tranche of Summer BidCo BV 10%/10¾% five-year pay-if-you-can PIK notes (B-) priced at par with a cash yield of 10% and a PIK yield of 10¾%.
All four tranches were led by the same syndicate of banks. JPMorgan was the physical bookrunner. Joint bookrunners were BNP Paribas, Citigroup, Credit Agricole CIB, Goldman Sachs, ING, Intesa, KKR, Mizuho, Morgan Stanley, Raiffeisen Bank and UniCredit.
Physical bookrunner and joint global coordinator JPMorgan will bill and deliver for all four tranches.
| Issuer: | United Group BV via SSN Issuer
|
| Amount: | €480 million
|
| Issue: | Senior secured floating-rate notes
|
| Tenor: | Five years
|
| Physical bookrunner: | JPMorgan (bill and deliver)
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| Joint bookrunners: | BNP Paribas, Citigroup, Credit Agricole CIB, Goldman Sachs, ING, Intesa, KKR, Mizuho, Morgan Stanley, Raiffeisen Bank and UniCredit
|
| Coupon: | Euribor pus 425 bps
|
| Floor: | 0%
|
| Price: | Par
|
| Call protection: | One year
|
| Trade date: | Jan. 26
|
| Ratings: | Moody’s B2
|
| S&P: B
|
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