eircom upsizes notes and loan package to €950 million, increases dividend, sets price talk

By Paul A. Harris

Portland, Ore., April 25 – Dublin-based telecommunications company eircom upsized its notes and term loan package (B1/B+/BB) to €950 million from €850 million, with final tranche sizes pending, market sources said on Thursday morning.

Both tranches come as senior secured debt, and both are set to mature in April 2026.

The Regulation S only notes come via eircom Finance DAC, feature three years of call protection and are talked to yield in the 3¾% area.

The loan, via issuer eircom Finco Sarl, features six months of soft call protection at 101 and is talked at Euribor plus 325 basis points to 350 bps at 99.75.

Books close Thursday.

Joint global coordinator Citigroup will bill and deliver for the notes. Joint global coordinator Goldman Sachs will bill and deliver for the loan. BNP Paribas, Credit Suisse, and JPMorgan are joint bookrunners.

Proceeds will be used to refinance notes due in May 2022 and finance a special dividend.

The additional proceeds resulting from the €100 million upsizing of the deal will be used in funding the dividend, a source said.

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