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Published on 4/2/2012 in the Prospect News High Yield Daily.

Italy's Wind offers €500 million equivalent mirror notes

By Paul A. Harris

Portland, Ore., April 2 - Italy's Wind Acquisition Finance SA plans to price €500 million equivalent notes mirroring its senior secured notes due Feb. 15, 2018 (Ba3/BB) during the middle part of the April 2 week, according to a syndicate source.

The offering will be comprised of notes mirroring the euro-denominated 7 3/8% notes and the dollar-denominated 7¼% notes.

Tranche sizes remain to be determined.

Deutsche Bank, BNP Paribas and Banca IMI are joint global coordinators and joint bookrunners. Barclays, Credit Suisse, ING and SG CIB are joint bookrunners.

The telecommunications firm plans to use the proceeds to repay debt incurred to fund the acquisition of spectrum in an auction and for general corporate purposes.

In November 2010 the company priced €1.75 billion of the 7 3/8% notes at 99.327 to yield 7½% and $1.3 billion of the 7¼% notes at 99.323 to yield 7 3/8%.


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