By Paul A. Harris
Portland, Ore., April 27 – German cable operator Tele Columbus AG priced an upsized €650 million issue of 3 7/8% seven-year senior secured notes (B2/BB-) at 99.243 to yield 4% on Friday, according to a market source.
The issue size was increased from €500 million.
The coupon and yield came on top of talk.
Sole global coordinator and physical bookrunner BofA Merrill Lynch will bill and deliver. Deutsche Bank is the joint bookrunner.
The Berlin-based company plans to use the proceeds to pay down bank debt.
| Issuer: | Tele Columbus AG
|
| Amount: | €650 million, increased from €500 million
|
| Maturity: | May 1, 2025
|
| Securities: | Senior secured notes
|
| Global coordinator: | BofA Merrill Lynch (physical books, bill and deliver)
|
| Joint bookrunner: | Deutsche Bank
|
| Coupon: | 3 7/8%
|
| Price: | 99.243
|
| Yield: | 4%
|
| Spread: | 362 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until May 1, 2021, then callable at 101.938
|
| Trade date: | April 27
|
| Settlement date: | May 4
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3 7/8% coupon at a discount to yield 4%
|
| Marketing: | Roadshow
|
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