By Paul A. Harris
Portland, Ore., April 29 – Dublin-based telecommunications company eircom Finance DAC priced €750 million of senior secured notes (B1/B+/BB) at par to yield 3½% on Friday, according to a market source.
The yield printed at the tight end of yield talk in the 3¾% area.
The bonds were in the market as part of a notes and loan package that also included a seven-year term loan.
The overall size of the combined transaction was increased to €950 million from €850 million.
Joint global coordinator Citigroup will bill and deliver for the notes. Goldman Sachs was also a joint global coordinator.
Proceeds will be used to refinance notes due in May 2022 and finance a special dividend.
The additional proceeds resulting from the above-mentioned €100 million upsizing of the deal will be used in funding the dividend, a source said.
| Issuer: | eircom Finance DAC
|
| Amount: | €750 million
|
| Tenor: | Seven year
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Citigroup (bill and deliver) and Goldman Sachs
|
| Joint bookrunners: | BNP Paribas, Credit Suisse and JPMorgan
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Call protection: | Three years
|
| Trade date: | April 26
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 3¾% area
|
| Marketing: | Roadshow
|
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