By Paul A. Harris
Portland, Ore., July 25 – Dublin-based telecom company eircom Finance DAC priced a €200 million add-on to its 4˝% senior secured notes due May 31, 2022 at 101.5 to yield 4.07% on Monday, according to a company press release.
The reoffer price came at the rich end of the 101.25 to 101.5 price talk.
Joint global coordinator and joint bookrunner Deutsche Bank bill and deliver. Credit Suisse and Goldman Sachs were also joint global coordinators and joint bookrunners.
Barclays, BNP Paribas, DNB, JPMorgan and Morgan Stanley are joint bookrunners.
Proceeds will be used to repay bank debt.
“We are very pleased with the outcome of the transaction,” Huib Costermans, the company's chief financial officer, said in the late Monday press release.
“We took the opportunity to further optimize our cost of capital and to rebalance our sources of funding.
“This, coupled with the original notes offering and the recent introduction of a €150 million revolving credit facility, further strengthens eir’s capital structure.”
| Issuer: | eircom Finance DAC
|
| Amount: | €200 million
|
| Maturity: | May 31, 2022
|
| Security description: | Add-on to 4˝% senior secured notes due May 1, 2022
|
| Joint global coordinators: | Deutsche Bank (bill and deliver), Credit Suisse, Goldman Sachs
|
| Joint bookrunners: | Deutsche Bank (bill and deliver), Credit Suisse, Goldman Sachs, Barclays, BNP Paribas, DNB, JPMorgan, Morgan Stanley
|
| Coupon: | 4˝%
|
| Price: | 101.5
|
| Yield to worst: | 4.07%
|
| First call: | May 31, 2018 at 102.25
|
| Trade date: | July 25
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 101.25 to 101.5
|
| Marketing: | Quick to market
|
| Original issue: | €500 million priced at par on June 7, 2016
|
| Total issue size: | €700 million
|
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