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Wind sets talk in €4.07 billion equivalent three-part notes offering
By Paul A. Harris
Portland, Ore., June 23 – Wind Acquisition Finance SA plans to price €4,065,000,000 equivalent of senior secured notes (expected Ba3/confirmed BB) on Tuesday, according to a market source.
The deal rolled out Monday morning. Books closed at the close of business on Monday for accounts in the United States. Books close at 5 a.m. ET on Tuesday for European accounts, and the deal is set to price thereafter.
The Rule 144A and Regulation S for life deal is coming in three tranches, with target sizes as follows: a €500 million tranche of floating-rate notes, non-callable for one year, a €2.15 billion tranche of fixed-rate notes, non-callable for two years, and $1.9 billion of fixed-rate notes, non-callable for two years.
The floating-rate notes are talked with a 400 basis points to 425 bps spread to Euribor. The euro-denominated fixed-rate notes are talked to yield 4% to 4¼%. The dollar-denominated fixed-rate notes are talked to yield 4¾% to 5%.
Global coordinator Credit Suisse will bill and deliver for the euro-denominated tranches. Global coordinator Deutsche Bank will bill and deliver and is the physical bookrunner for the dollar-denominated tranche.
Banca IMI, Barclays, Citigroup, HSBC and SG CIB are the global coordinators for the dollar-denominated and euro-denominated fixed-rate tranches.
BNP Paribas, Credit Agricole, ING, Natixis, Alfa-Bank and UniCredit are joint bookrunners for the floating-rate tranche.
The issuer may redeem 10% of the fixed-rate notes annually at 103 during the non-call period.
The Italian telecommunications firm, a unit of Russia’s Vimpelcom, plans to use the proceeds to refinance debt.
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