Iesy returns with downsized €360 million two-part deal talked 10¼% area

By Paul A. Harris

St. Louis, July 6 - Iesy Repository GmbH is returning to the high-yield bond market with a downsized €360 million equivalent two-part offering of 10-year senior notes (Caa1/CCC+), according to a market source.

The company intends to sell the notes in both dollar-denominated and euro-denominated tranches.

The notes were talked at 10¼% on Wednesday. Pricing is expected Friday.

Citigroup, Deutsche Bank Securities and JP Morgan are bookrunners for the Rule 144A/Regulation S offering.

The notes in both tranches will come with five years of call protection.

Proceeds will be used to refinance a bridge loan.

The Frankfurt, Germany-based regional cable service provider, which operates in the state of Hessen, postponed a €525 million equivalent two-part offering on April 28 due to unfavorable market conditions.

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