By Paul Deckelman
New York, Oct. 29 - Telenet Finance Luxembourg SCA priced an upsized €500 million offering of 10-year senior secured notes (Ba3) on Friday, according to market sources.
The notes priced at par to yield 6 3/8%, inside of price talk which had emerged on Thursday envisioning a yield the area of 6½%.
The issue was upsized from the originally shopped $350 million.
The deal, being sold under Rule 144A and Regulation S, carries call protection for the first five years.
It came to market via BNP Paribas Securities Corp. and Credit Suisse, the joint bookrunners for the quick to market offering.
The issuing entity, Telenet Finance Luxembourg SCA, an independent financing company, will lend the proceeds to Telenet International Finance SA, a subsidiary of ultimate parent Telenet NV, a Belgian .provider of cable television, high-speed internet and mobile telephone services.
Telenet, which is majority-owned by communications tycoon John Malone's Liberty Global Inc., plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | Telenet Finance Luxembourg SCA (Telenet NV)
|
| Amount: | €500 million, upsized from original €350 million
|
| Security type: | Senior secured notes
|
| Maturity | 2020
|
| Bookrunners: | BNP Paribas Securities Corp. and Credit Suisse (joint books)
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 384 bps over comparable Bunds
|
| Call protection: | Non-callable for first five years, after that callable at 103.1875, 101.593, 100.796, finally at par
|
| Ratings: | Moody's: Ba3
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 3
|
| Price talk: | 6½% area
|
| Distribution; | Rule 144A, Regulation S
|
| Marketing: | Quick to market
|
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