United Group sets talk in €980 million two-part offering of notes; roadshow ends Wednesday

By Paul A. Harris

Portland, Ore., Jan. 11 – EM-focused United Group BV set initial price talk in its €980 million two-part offering of senior secured notes (expected B2/confirmed B), according to market sources.

A €580 million tranche of eight-year fixed-rate notes is talked in the 5% area. Those notes become callable after three years at par plus 50% of the coupon and feature a special call provision that allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

A €400 million tranche of seven-year floating-rate notes is talked in the high 4% area. The floating-rate notes are being sold with one year of call protection.

The Rule 144A and Regulation S deal is being marketed by means of a roadshow that is set to wrap up on Wednesday.

Global coordinator and joint bookrunner JPMorgan will bill and deliver. Citigroup, Credit Agricole CIB, Credit Suisse, KKR and Morgan Stanley are also joint bookrunners.

The Amsterdam-based telecom plans to use the proceeds plus cash on hand to repay the bridge facility drawn to pay for the acquisition of Wind Hellas.

United Group operates in Southeast Europe, where it provides telecommunication platforms and media.

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