Published on 11/15/2013 in the Prospect News Emerging Markets Daily.
New Issue: Bulgaria's Vivacom prices €400 million secured notes at par to yield 6 5/8%
By Paul A. Harris
Portland, Ore., Nov. 15 - Bulgarian telecommunications company Vivacom priced a €400 million issue of five-year senior secured notes (B1/BB-/) at par to yield 6 5/8% on Friday, according to a market source.
The yield printed on top of revised yield talk. Previous talk was in the 6¾% area. Initial guidance was 6¾% to 7%.
Global coordinator Credit Suisse will bill and deliver. VTB Capital was also a global coordinator. Barclays and Deutsche Bank were the joint bookrunners.
The Sofia, Bulgaria-based company plans to use the proceeds, along with €64 million of cash, to refinance debt.
Issuer: | Vivacom (Bulgarian Telecommunications Co. EAD)
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Amount: | €400 million
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Maturity: | Nov. 15, 2018
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Securities: | Senior secured notes
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Global coordinators: | Credit Suisse (bill and deliver), VTB Capital
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Bookrunners: | Barclays, Deutsche Bank
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Co-managers: | SG CIB
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Coupon: | 6 5/8%
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Price: | Par
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Yield: | 6 5/8%
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Spread: | 597 bps
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First call: | Nov. 15, 2015 at 103.313
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Trade date: | Nov. 15
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Settlement date: | Nov. 22
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Ratings: | Moody's: B1
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 6 5/8%, revised from 6¾% area (initial guidance was 6¾% to 7%)
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Marketing: | Roadshow
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