By Paul A. Harris
Portland, Ore., May 9 - Ireland's eircom priced an upsized €350 million issue of seven-year senior secured notes (Caa1/B/B) at par to yield 9¼% on Thursday, according to a market source.
The yield printed 12.5 basis points inside of price talk that was set in the 9½% area.
Goldman Sachs and JPMorgan were the joint global coordinators and joint physical bookrunners. Deutsche Bank was also a joint global coordinator as well as a joint bookrunner.
BNP Paribas, BofA Merrill Lynch and Morgan Stanley are also joint bookrunners.
The Dublin-based company plans to use the proceeds to repay bank debt.
| Issuer: | eircom
|
| Amount: | €350 million, increased from €310 million
|
| Maturity: | May 15, 2020
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Goldman Sachs, JPMorgan, Deutsche Bank
|
| Joint physical bookrunners: | Goldman Sachs, JPMorgan
|
| Joint bookrunners: | BNP Paribas, BofA Merrill Lynch
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 854 bps
|
| First call: | May 15, 2016 at 104.625
|
| Trade date: | May 9
|
| Settlement date: | May 20
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Fitch: B
|
| Price talk: | 9½% area
|
| Marketing: | Roadshow
|
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