New Issue: Poland’s Play prices €500 million 5.5-year 5 3/8% PIK toggle holdco notes at par

By Paul A. Harris

Portland, Ore., March 14 – Polish telecom Play Topco SA priced a €500 million issue of 5.5-year PIK toggle holdco notes (Caa1//B-) at par to yield 5 3/8% on Tuesday, according to a market source.

JPMorgan was the lead bookrunner.

The Warsaw-based company plans to use the proceeds to fund a dividend.

Issuer:	Play Topco SA
Amount:	€500 million
Maturity:	Sept. 15, 2022
Securities:	PIK toggle holdco notes
Bookrunner:	JPMorgan
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Call protection:	One year
Trade date:	March 14
Ratings:	Moody's: Caa1
	Fitch: B-
Marketing:	Roadshow

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