By Paul A. Harris
Portland, Ore., Feb. 25 – German cable operator Unitymedia priced a €500 million issue of 3½% 12-year senior secured notes (Ba3/BB-) on Wednesday, according to market sources.
The coupon came at the tight end of coupon talk in the 3 5/8% area.
The notes priced at par to yield 3½%.
Credit Suisse was the lead left bookrunner. JPMorgan and Royal Bank of Scotland were the joint bookrunners.
The issuing entities are Unitymedia Hessen GmbH & Co. KG and Unitymedia Nordrhein-Westfalen GmbH.
The Koln, Germany-based company plans to use the proceeds to partially refinance its euro-denominated senior secured notes due in 2022 and in 2023, to term out its revolver and for general corporate purposes.
| Issuer: | Unitymedia Hessen GmbH & Co. KG and Unitymedia Nordrhein-Westfalen GmbH
|
| Amount: | €500 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Credit Suisse
|
| Joint bookrunners: | JPMorgan, Royal Bank of Scotland
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Spread: | 305 bps
|
| First call: | Jan. 15, 2021 at 101.75
|
| Trade date: | Feb. 25
|
| Settlement date: | March 11
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 3 5/8% coupon
|
| Marketing: | Quick to market
|
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