Poland's Play on roadshow for €870 million equivalent offering of notes in three tranches

By Paul A. Harris

Portland, Ore., Jan. 21 - Warsaw-based mobile telecom Play is on a roadshow for an €870 million equivalent offering of notes in three tranches, according to a market source.

Play Finance 2 SA is offering €630 million equivalent of five-year senior secured notes in tranches of euro- and Polish zloty-denominated tranches. The secured notes come with two years of call protection.

Play Finance 1 SA is offering €240 million of 5.5-year senior unsecured notes, which come with 2.5 years of call protection.

The roadshow wraps up on Friday, and the deal is set to price thereafter.

BofA Merrill Lynch and JPMorgan are the joint physical bookrunners for the Rule 144A and Regulation S for life deal. Credit Suisse is the joint bookrunner.

Alpha Bank, Bank Zachodni, Eurobank and Piraeus Bank are the co-managers.

Proceeds will be used to refinance debt and to fund a distribution to shareholders.

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