Chicago, Oct. 5 – Lorca Telecom Bondco, SAU and Kaixo Bondco Telecom sold €2.05 billion of notes in two parts, according to multiple announcements.
Lorca priced an offering of €1.55 billion of 4% senior secured notes due 2027 (B1/B) at par. The notes are an add-on to the €800 million of notes that were sold Sept. 30, 2020 and will have the same ISINs and common codes, but will initially bear a different temporary ISIN and common code.
Kaixo sold a new offering of €500 million of 5% senior notes due 2029 (Caa1/CCC+), also priced at par.
Proceeds, with a €200 million increase in the term loan of the group, will be used to refinance a portion of the €3.5 billion Aug. 10 acquisition for Euskaltel, SA and its subsidiaries.
Deutsche Bank AG is listed as the stabilizing manager.
Lorca and Kaixo are issuers under the umbrella of the MasMovil Group. The group offers fixed telephone, mobile telephone, internet and television services in Spain.
| Issuers: | Lorca Telecom Bondco, SAU and Kaixo Bondco Telecom
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| Issue: | Senior secured notes
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| Amount: | €2.05 billion
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| Stabilization manager: | Deutsche Bank AG
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| Trade date: | Oct. 5
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| Settlement date: | Oct. 15
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| Distribution: | Rule 144A and Regulation S
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| Lorca
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| Issuer: | Lorca Telecom Bondco, SAU
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| Amount: | €1.55 billion, add-on
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| Maturity: | 2027
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| Coupon: | 4%
|
| Price: | Par
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| Yield: | 4%
|
| Spread: | 451 bps
|
| Ratings: | Moody’s: B1
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| S&P: B
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| ISINs: | XS2240463674, XS2240463757
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| Kaixo
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| Issuer: | Kaixo Bondco Telecom
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| Amount: | €500 million
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| Maturity: | 2028
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Spread: | 548 bps
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| Ratings: | Moody’s: Caa1
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| S&P: CCC+
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| ISINs: | XS2397198487, XS2397243887
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