TIM Hellas to start roadshow Tuesday for €1.4 billion notes in four tranches

By Paul A. Harris

St. Louis, Dec. 7 - A roadshow is scheduled to get underway on Tuesday for a €1.4 billion four-part note offering from TIM Hellas Communications, according to a market source.

The Athens, Greece-based telecommunications company plans to sell €1.1 billion in tranches of fixed-rate and floating-rate notes due January 2015. The fixed-rate notes will be non-callable for three years, while the floating-rate notes will have one year of call protection.

In addition TIM Hellas plans to sell €200 million of PIK notes due July 2015. The PIK notes will have one year of call protection.

The company also plans a €100 million add-on to its three-month Euribor plus 350 basis points senior secured floating-rate notes due Oct. 15, 2012. The original €925 million issue priced at par Sept. 30, 2005. Subsequently in January 2006 Hellas priced a €200 million add-on, after which the total size of the issue was €1.125 billion.

The four-tranche deal is expected to price during the week of Dec. 18.

Deutsche Bank Securities, JP Morgan, Lehman Brothers and Morgan Stanley are joint bookrunners.

Proceeds will be used to refinance debt and to fund a dividend.

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