By Susanna Moon
Chicago, Feb. 20 – TDC A/S said it priced €750 million of callable subordinated capital securities, or hybrid bonds (Ba2/BB+/BB+), due in 3015 with a coupon of 3˝% for six years.
The 1,000-year bonds have a first par call date on Feb. 26, 2021, according to a company notice.
The company will apply to list the hybrid bonds on the Irish Stock Exchange.
Proceeds will be used to repay some of the company’s €1.6 billion bridge facility used for the Get AS acquisition. The company said it may issue more senior bonds under its €5.5 billion euro medium-term notes program to repay the rest of the bridge facility.
The expected equity credit is 50% from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.
The equity credit supports TDC’s commitment to an investment-grade rating, the company said.
TDC is a Copenhagen-based provider of communications and entertainment solutions in Denmark.
| Issuer: | TDC A/S
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| Issue: | Callable subordinated capital securities
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| Amount: | €750 million
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| Maturity: | Feb. 26, 3015
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| Coupon: | 3˝% until Feb. 26, 2021
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| Price: | Par
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| Call: | First par call date on Feb. 26, 2021
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| Pricing date: | Feb. 20
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB+
|
| Fitch: BB+
|
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