Banijay upsizes dollar notes, sets talk; €1.3 billion equivalent three-part deal pricing Tuesday

By Paul A. Harris

Portland, Ore., Feb. 3 – Banijay Group upsized its three-part offering of high-yield notes to €1.3 billion equivalent from €1.25 billion equivalent by upsizing the sole dollar-denominated tranche, according to a market source.

The dollar-denominated five-year non-call two-year senior notes (B1/B) are upsized to $403 million from €325 million equivalent.

Along with the upsizing of the dollar-denominated notes, the concurrent dollar-denominated term loan is downsized to $460 million from €450 million equivalent.

Price talk is as follows:

• €525 million of five-year non-call two-year secured notes (B1/B) are talked to yield 3¾% to 4%. Initial guidance was in the low 4% area.

• $403 million five-year non-call two-year secured notes are talked to yield in the 5½% area, revised from earlier talk in the 5¾% area. Initial guidance was in the low-to-mid 6% area.

• €400 million of six-year non-call 2.5-year unsecured notes (Caa1/CCC+) are talked to yield 6½% to 6¾%. Initial talk had the unsecured notes pricing 250 basis points behind the euro-denominated secured notes.

For the dollar-denominated notes, books close at 4 p.m. ET on Monday. For the euro-denominated notes, books close on Tuesday, late in the London morning.

Pricing and allocations are set for Tuesday.

Deutsche Bank is leading the Rule 144A and Regulation S deal.

The Paris-based independent production and distribution company plans to use the proceeds, along with €953 million equivalent of term loans and a €170 million equivalent multi-currency revolver, to redeem its 2022 notes and repay its senior secured credit facilities, as well as to fund its acquisition of Endemol Shine, and to finance the Bear Grylls acquisition and to repay related debt.

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