Bulgaria's Vivacom talks €400 million secured notes at 6¾% area

By Paul A. Harris

Portland, Ore., Nov. 14 - Bulgarian telecommunications company Vivacom talked its €400 million offering of five-year senior secured notes (B1/BB-) to yield in the 6¾% area on Thursday, according to a market source.

The official talk comes at the tight end of the earlier 6¾% to 7% initial guidance, the source added.

The books close at 8 a.m. ET Friday and pricing will follow.

Global coordinator Credit Suisse will bill and deliver. VTB Capital is also a global coordinator. Barclays and Deutsche Bank are the joint bookrunners. SG CIB is the co-manager.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The Sofia, Bulgaria-based company plans to use the proceeds, along with €64 million of cash, to refinance debt.

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