Ireland’s eircom launches upsized €500 million six-year notes at 4½%; pricing expected Tuesday

By Paul A. Harris

Portland, Ore., June 7 – Dublin-based telecom company eircom Finance DAC upsized its offering of six-year senior secured notes (B2/B/B+) to €500 million from €350 million and launched the notes with a yield of 4½% on Tuesday, according to a market source.

Final terms are expected later Tuesday.

Joint global coordinator and joint bookrunner Deutsche Bank will bill and deliver. Credit Suisse is also a joint global coordinator and joint bookrunner. Barclays, BNP Paribas, DNB Markets, Goldman Sachs, JPMorgan and Morgan Stanley are also joint bookrunners.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.

Eircom plans to use the proceeds to refinance its senior secured notes due 2020.

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