Published on 6/7/2016 in the Prospect News High Yield Daily.
New Issue: eircom prices upsized €500 million six-year notes at par to yield 4½%
By Paul A. Harris
Portland, Ore., June 7 – Dublin-based telecom company eircom Finance DAC launched and priced an upsized €500 million issue of six-year senior secured notes (B2/B/B+) at par to yield 4½% on Tuesday, according to a market source.
The deal was upsized from €350 million
The yield printed 25 basis points beneath the tight end of the 4¾% to 5% yield talk.
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 company plans to use the proceeds to refinance its senior secured notes due 2020.
| Issuer: | eircom Finance DAC
|
| Amount | €500 million, increased from €350 million
|
| Maturity: | May 31, 2022
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Deutsche Bank (bill and deliver), Credit Suisse
|
| Joint bookrunners: | Deutsche Bank, Credit Suisse, Barclays, BNP Paribas, DNB Markets, Goldman Sachs, JPMorgan, Morgan Stanley
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 483 bps
|
| First call: | May 31, 2018 at 102.25
|
| Trade date: | June 7
|
| Settlement date: | June 17
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Roadshow
|
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