Wind starts European roadshow for €7.3 billion equivalent bond deal in five benchmark tranches

By Paul A. Harris

Portland, Ore., Oct. 18 – Wind Tre SpA started a roadshow on Wednesday in Europe for a €7.3 billion equivalent amount of senior secured notes (B1/BB-/BB), according to market sources.

The Rule 144A and Regulation S for life deal is coming in five benchmark sized tranches:

• Euro-denominated five-year fixed-rate notes with two years of call protection;

• Euro-denominated seven-year fixed-rate notes with three years of call protection;

• Dollar-denominated eight-year fixed-rate notes with three years of call protection;

• Euro-denominated six-year floating-rate notes with six months of call protection; and

• Dollar-denominated five-year floating-rate notes with one year of call protection.

The European roadshow wraps up on Friday.

A roadshow in the United States is set to begin on Monday and run through Oct. 25.

Further timing remains to be announced.

Joint global coordinator Deutsche Bank will bill and deliver for the euro-denominated notes.

Joint global coordinator BofA Merrill Lynch will bill and deliver for the dollar-denominated notes.

HSBC is also a joint global coordinator.

Banca IMI, Barclays, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Goldman Sachs, ING, JPMorgan, Mediobanca, Mizuho, MUFG, Natixis, Nomura, SMBC, SG and UniCredit are joint bookrunners.

The Rome-based telecom plans to use the proceeds, along with drawings under its new senior secured credit facilities, and amounts due to Wind Tre upon termination of derivative hedging instruments related to existing debt, to repay certain intercompany loans to Wind Acquisition Finance, which will utilize the funds to redeem the existing notes, and repay the existing senior credit facilities.

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