By Paul A. Harris
Portland, Ore., Sept. 24 – Spain-based MasMovil/Lorca Telecom has priced a €720 million issue of seven-year senior secured notes (B1/B+/BB) at par to yield 4%, according to market sources.
The yield printed at the tight end of the 4% to 4¼% yield talk.
Left lead bookrunner and global coordinator Morgan Stanley will bill and deliver. Barclays, BNP Paribas and Deutsche Bank are joint bookrunners and global coordinators. Additional joint bookrunners are Credit Agricole CIB, Mizuho and Santander.
The notes are being issued via Lorca Telecom Bondco, S.A.U.
Proceeds will be used to help refinance the bridge loan put in place to fund the leveraged buyout of the Madrid-based telecom by Providence Equity Partners, Cinven and KKR. The LBO deal, valued at €5 billion including debt, was announce in early June.
| Issuer: | Lorca Telecom Bondco, S.A.U.
|
| Amount: | €720 million
|
| Maturity: | Sept. 18, 2027
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Morgan Stanley (bill and deliver, global coordinator)
|
| Joint bookrunners: | Barclays, BNP Paribas and Deutsche Bank (global coordinators); Credit Agricole CIB, Mizuho and Santander
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 466.5 bps
|
| First call: | Sept. 30, 2023 at 102
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4% to 4¼%
|
| Marketing: | Roadshow
|
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