Wind expects to price €500 million equivalent 7.5-year PIK notes at a discount to yield 12½%

By Paul A. Harris

St. Louis, Dec. 9 - Wind Acquisition Holdings Finance SA talked its €500 million equivalent offering of 7.5-year senior payment-in-kind notes (//B) on Wednesday to price at a discount with an all-in yield of 12½%, according to an informed source.

The notes, which are being sold in euro and dollar denominations, are expected to be priced on Thursday, shortly after the European close.

The notes will pay PIK interest until Jan. 15, 2014, after which interest payments are to be made in cash.

Morgan Stanley, Banca IMI, Calyon Securities, Citigroup, JPMorgan and Natixis Bleichroeder are leading the Rule 144A and Regulation S for life offering.

The notes come with 3.5 years of call protection.

Proceeds will be used to fund a cash distribution to Weather Group.

The prospective issuer is a subsidiary of Italian telecommunications company Wind Telecomunicazioni SpA.

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