Chicago, Jan. 28 – Inter Media and Communication SpA priced its €415 million offering of 6¾% senior secured notes at par with a five-year tenor (//B+), according to a press release.
Pricing came at the low end of initial guidance at 6¾% to 7% for the oversubscribed offering, according to market sources.
Goldman Sachs is the bookrunner for the Rule 144A and Regulation S offering.
A roadshow for the offering was held early in the week.
The notes become callable after two years at par plus 50% of the coupon.
Proceeds will be used to redeem outstanding senior secured notes due 2022, to repay the company’s revolving credit facility, to fund secured accounts with respect to the notes and to pay related fees and expenses.
The prospective issuer is a unit of Football Club Internazionale Milano SpA.
| Issuer: | Inter Media and Communication SpA
|
| Amount: | €415 million
|
| Issue: | Senior secured notes
|
| Maturity: | 2027
|
| Bookrunner: | Goldman Sachs
|
| Co-manager: | Banca IMI
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call features: | After two years at par plus half the coupon
|
| Announcement date: | Jan. 27
|
| Settlement date: | Feb. 9
|
| Rating: | Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% to 7% initial guidance
|
| Marketing: | Roadshow
|
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