By Rebecca Melvin
New York, Jan. 24 – Amsterdam-based United Group BV has priced €1,845,000,000 of notes in four tranches, according to a market source on Friday.
The secured tranches included €600 million of six-year notes and €625 million of eight-year notes. The six-year notes are non-callable for two years, and the eight-year notes are non-callable for three years.
The eight-year tranche was upsized from an initially talked €575 million deal size.
The company also priced €450 million of six-year floating-rate notes that are non-callable for one year, and a €170 million add-on to an unsecured tranche of 9% PIYC notes due 2025.
The newly created tranches priced at par, and the add on was offered at 105.5 by issuing entity Summer BidCo BV.
The stabilizing managers of the Rule 144A and Regulation S paper are J.P. Morgan Securities plc, KKR, Credit Suisse, Credit Agricole, Banca IMI, BNP Paribas, Morgan Stanley, Raiffeisen Bank and Unicredit.
United Group is a media and telecommunications services provider operating mainly in Serbia, Slovenia, Bosnia & Herzegovina and Montenegro.
| Issuer: | United Group BV
|
| Amount: | €1,845,000,000
|
| Securities: | Notes
|
| Bookrunners: | J.P. Morgan Securities plc, KKR, Credit Suisse, Credit Agricole, Banca IMI, BNP Paribas, Morgan Stanley, Raiffeisen Bank and Unicredit
|
| Announcement date: | Jan. 24
|
| Marketing: | Rule 144A and Regulation S
|
|
|
| Six-year secured notes
|
| Amount: | €600 million
|
| Maturity: | Six years
|
| Price: | Par
|
| Call protection: | Two years
|
|
|
| Eight-year secured notes
|
| Amount: | €625 million, upsized from €575 million
|
| Maturity: | Eight years
|
| Price: | Par
|
| Call protection: | Three years
|
|
|
| Six-year floaters
|
| Amount: | €450 million
|
| Maturity: | Six years
|
| Price: | Par
|
| Call protection: | One year
|
|
|
| Notes due 2025
|
| Issuer: | Summer BidCo BV
|
| Amount: | €170 million
|
| Maturity: | 2025
|
| Coupon: | 9%
|
| Price: | 105.5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
