By Paul A. Harris
St. Louis, Sept. 30 - TIM Hellas Communications priced €1.28 billion of high-yield bonds on Friday, according to a syndicate source.
The company priced €925 million of seven-year senior secured floating-rate notes (B1/B) at par to yield three-month Euribor plus 350 basis points, on top of the price talk.
Hellas also priced €355 million of eight-year senior subordinated notes (B3/B-) at par to yield 8½%. The yield on the subordinated notes came on top of the 8½% area price talk, which had been revised from the 8¾% area.
The transaction also reportedly involved a €110 million offering of 10-year PIK notes. However no terms on the notes were available on Friday.
Planned dollar-denominated mirror tranches were withdrawn from the transaction.
JP Morgan and Deutsche Bank Securities were joint bookrunners. Lehman Brothers and Merrill Lynch & Co. were co-managers.
Proceeds will be used to repay bridge facilities used to fund the acquisition of 80.87% of the shares of TIM Hellas Telecommunications SA by a consortium of private equity funds affiliated with Apax Partners and Texas Pacific Group, as well as to repay TIM Hellas' existing debt and purchase the minority shares of TIM Hellas.
TIM Hellas is a telecommunications company with headquarters in Athens, Greece.
| Issuer: | TIM Hellas Communications
|
| Amount: | €1.28 billion
|
| Bookrunners: | JP Morgan, Deutche Bank Securities
|
| Co-managers: | Lehman Brothers, Merrill Lynch & Co.
|
| Settlement date: | Oct. 7
|
|
|
| Floating-rate notes
|
| Amount: | €925 million
|
| Maturity: | Oct. 15, 2012
|
| Security description: | Senior secured floating-rate notes
|
| Coupon: | Three-month Euribor plus 350 basis points
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 350 basis points
|
| Call protection: | One year
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | Three-month Euribor plus 350 basis points area
|
|
|
| Fixed-rate notes
|
| Amount: | €355 million
|
| Maturity: | Oct. 15, 2013
|
| Security description: | Senior subordinated notes
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call protection: | Four years
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8½% area (revised from 8¾% area)
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
