Published on 7/21/2015 in the Prospect News High Yield Daily.
New Issue: Cellnex prices €600 million 3 1/8% seven-year notes to yield 3¼%
By Paul A. Harris
Portland, Ore., July 21 – Cellnex Telecom, SA has priced €600 million of 3 1/8% seven-year senior notes (BB+//BBB-) at 99.229 to yield 3¼%, according to a market source.
The deal came in an investment-grade execution aimed at the crossover market.
Joint bookrunner Barclays will bill and deliver. BNP Paribas, CaixaBank, GSI, Santander GBM and UniCredit Bank were joint bookrunners. Banca IMI, ING, Mediobanca, Natixis, Royal Bank of Scotland and SG CIB were bookrunners.
The Madrid-based wireless telecommunications and broadcasting infrastructure company plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Cellnex Telecom, SA
|
| Amount: | €600 million
|
| Maturity: | July 27, 2022
|
| Securities: | Senior notes
|
| Joint bookrunners: | Barclays (bill and deliver), BNP Paribas, CaixaBank, GSI, Santander GBM, UniCredit Bank
|
| Bookrunners: | Banca IMI, ING, Mediobanca, Natixis, Royal Bank of Scotland, SG CIB
|
| Coupon: | 3 1/8%
|
| Price: | 99.229
|
| Yield: | 3¼%
|
| Spread: | 252.6 bps over mid-swaps
|
| Settlement date: | July 27
|
| Ratings: | Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
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