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Correction: Spains Lorca/Kaixo sell 2.05 billion of secured notes
The Oct. 6 issue of the Prospect News High Yield Daily reported the wrong coupon for the Kaixo bonds that were part of a two-part transaction. The notes priced at par to yield 5 1/8%. A correction version of the story follows:
Chicago, Oct. 15 Lorca Telecom Bondco, SAU and Kaixo Bondco Telecom sold 2.05 billion of notes in two parts on Oct. 5, 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 1/8% 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.
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