Italian telecom Wind refinances PIK debt with €555 million loan at Euribor plus 800 bps

By Paul A. Harris

St. Louis, May 24 - Italian telecommunications company Wind SpA refinanced its PIK bridge facility with a €555 million loan that pays three-month Euribor plus 800 basis points, according to a market source.

Deutsche Bank Securities, ABN Amro and San Paolo IMI led the deal.

The loan is non-callable for three months, then callable at par for the next 12 months, after which the call premium steps up to 102.

Proceeds will be used to repay the company's existing PIK bridge loan, which featured margin step-ups. Hence the new loan is leverage neutral.

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