By Paul A. Harris
St. Louis, July 11 - Iesy Repository GmbH priced a €360 million equivalent two-part offering of 10-year senior notes (Caa1/CCC+) on Monday, according to a market source.
In a dollar-denominated tranche, the company priced $151 million of notes at par to yield 10 3/8%. Price talk had been revised upward to the 10 3/8% area from the 10¼% area.
Meanwhile, in a euro-denominated tranche, Iesy priced €235 million at par to yield 10 1/8%. Price talk had been revised inward to the 10 1/8% area from the 10¼% area.
Citigroup, Deutsche Bank Securities, and JP Morgan were joint bookrunners for the Rule 144A/Regulation S transaction.
Proceeds will be used to take out the bridge loan that the company obtained as part of the financing for its acquisition of German cable operator Ish.
The company postponed a €525 million equivalent two-part offering on April 28, 2005 due to unfavorable market conditions.
The issuer is a Frankfurt, Germany-based regional cable service provider that operates in the state of Hessen.
| Issuer: | Iesy Repository GmbH
|
| Amount: | €360 million equivalent
|
| Maturity: | February 15, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Citigroup, Deutsche Bank Securities, JP Morgan
|
| Trade date: | July 11
|
| Settlement date: | July 19
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
|
|
| Dollar tranche
|
| Amount: | $151 million
|
| Coupon: | 10 3/8%
|
| Price: | Par
|
| Yield: | 10 3/8%
|
| Spread: | 626 basis points
|
| Call protection: | Five years
|
| Price talk: | Revised to 10 3/8% area from 10¼% area
|
|
|
| Euro tranche
|
| Amount: | €235 million
|
| Coupon: | 10 1/8%
|
| Price: | Par
|
| Yield: | 10 1/8%
|
| Spread: | 689 basis points
|
| Call protection: | Five years
|
| Price talk: | Revised to 10 1/8% area from 10¼% area
|
|
|
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