By Paul A. Harris
Portland, Ore., Nov. 29 – Telenet Group priced an upsized $1 billion issue of 10.25-year senior secured notes (Ba3/BB-) at par to yield 5½% on Wednesday, according to a market source.
The issue size was increased from $750 million.
The yield printed at the wide end of yield talk in the 5 3/8% area.
Deutsche Bank Securities Inc. will bill and deliver. In addition to Deutsche Bank, the syndicate also included Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, Rabo Securities, RBC Capital Markets LLC, Scotia Capital and SG CIB as bookrunners.
The deal also includes €500 million of the 10.25-year notes that were talked in the 3½% area. No information on that euro-denominated tranche was available, the source said.
The Mechelen, Belgium-based provider of cable broadband services plans to use the proceeds to repay bank debt.
| Issuer: | Telenet Group
|
| Amount: | $1 billion, increased from $750 million
|
| Maturity: | March 1, 2028
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank Securities Inc. (bill and deliver), Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, Rabo Securities, RBC Capital Markets LLC, Scotia Capital and SG CIB
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 312 bps
|
| Call protection: | Five years
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5 3/8% area
|
| Marketing: | Roadshow
|
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