New Issue: Iesy Repository prices €215 million 10-year notes at par to yield 8¾%

By Paul A. Harris

St. Louis, Feb. 7 - Iesy Repository GmbH priced €215 million of 10-year senior subordinated notes (Caa1/CCC+) at par to yield 8¾%, according to a market source.

Price talk was the 8¾% area.

JP Morgan and Citigroup were joint bookrunners for the Rule 144A/Regulation S notes, which have no registration rights. Lehman Brothers was the joint lead manager.

Proceeds will be used to help fund the acquisition of Ish or, if the acquisition does not occur, to fund a dividend. The sponsor is Apollo Management.

The issuer is the parent of German cable TV operator Isey GmbH.

Issuer:	Iesy Repository GmbH
Amount:	€215 million
Maturity:	Feb. 15, 2015
Security description:	Senior subordinated notes
Bookrunners:	JP Morgan, Citigroup
Joint lead manager:	Lehman Brothers
Coupon:	8¾%
Price:	Par
Yield:	8¾%
Spread:	530 basis points
Call features:	Make-whole call at Bunds plus 50 basis points until Feb. 15, 2010, then callable at 104.375, 102.188, 101.094, par on and after Feb. 15, 2013
Equity clawback:	Until Feb. 15, 2008 for 35% at 108.75
Trade date:	Feb. 7
Settlement date:	Feb. 14
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Price talk:	8¾% area

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