By Paul A. Harris
Portland, Ore., April 4 - Italy's Wind Acquisition Finance SA priced €504 million equivalent of mirror notes due Feb. 15, 2018 (Ba3/BB/) on Wednesday, according to market sources.
The deal included a €200 million tranche of 7 3/8% notes, which priced at 90.121 to yield 9 5/8%. The reoffer price came toward the cheap end of the 90 to 91 price talk.
In the dollar-denominated piece, Wind priced a $400 million tranche 7¼% notes at 92.181 to yield 9%. The reoffer price came toward the cheap end of the 92 to 93 price talk.
Deutsche Bank, BNP Paribas and Banca IMI were the joint global coordinators and joint bookrunners. Barclays, Credit Suisse, ING and SG CIB were joint bookrunners.
The mirror notes will not be fungible with the existing issues.
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%.
| Issuer: | Wind Acquisition Finance SA
|
| Amount: | €504 million equivalent
|
| Maturity: | Feb. 15, 2018
|
| Securities: | Mirror notes
|
| Global coordinators: | Deutsche Bank, BNP Paribas, Banca IMI
|
| Joint bookrunners: | Deutsche Bank, BNP Paribas, Banca IMI, Barclays, Credit Suisse, ING, SG CIB
|
| Trade date: | April 4
|
| Settlement date: | April 13
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Fungibility: | None
|
| Distribution: | Rule 144A for life
|
| Marketing: | Brief roadshow
|
|
|
| Euro-denominated notes
|
| Face amount: | €200 million
|
| Proceeds: | €180,242,000
|
| Coupon: | 7 3/8%
|
| Price: | 90.121
|
| Yield: | 9 5/8%
|
| Spread: | 864 bps
|
| Price talk: | 90 to 91
|
| Original issue: | €1.75 billion priced at 99.327 to yield 7½% in November 2010
|
|
|
| Dollar-denominated notes
|
| Face amount: | $400 million
|
| Proceeds: | $368,724,000
|
| Coupon: | 7¼%
|
| Price: | 92.181
|
| Yield: | 9%
|
| Spread: | 769 bps
|
| Price talk: | 92 to 93
|
| Original issue: | $1.3 billion priced at 99.323 to yield 7 3/8% in November 2010
|
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