By Rebecca Melvin
New York, July 7 – PLT VII Finance Sarl, a subsidiary of Latvia’s UAB Bite Lietuva, priced €650 million of senior secured notes in two tranches, including one tranche of fixed-rate notes and one tranche of floating-rate notes (B2/B/B+), both due in 2026, according to a market source on Tuesday.
The €400 million 4 5/8% fixed-rates notes priced at par. They are non-callable until July 15, 2022, when then become callable 102.3125, in 2023 at 101.1563 and in 2024 at par.
Pricing was tight to talk for a coupon in the area of 4¾%.
The €250 million senior floating-rate notes priced at 99.5 to yield Euribor plus 462.5 basis points. They are callable after one year at 101% of par in 2021 and at par in 2022.
The notes were talked at Euribor plus 475 bps at 99.5.
There is a change-of-control put at 101%, subject to conditions.
Lietuva, UAB Teletower, UAB Eurocom, UAB All Media Lithuania, SIA Bite Latvija, SIA Teletowner and SIA All Media Latvia are guarantors of the Rule 144A and Regulation S notes.
The proceeds are being used to repay borrowings in full under the company’s existing credit facilities agreement, to fund a reduction of the share capital of the issuer and related payments and to pay all fees and expenses related to the transactions.
Deutsche Bank AG, London Branch, Citigroup, ING and UniCredit are bookrunners of the tranches.
| Issuer: | PLT VII Finance Sarl
|
| Guarantors: | UAB Bite Lietuva, UAB Teletower, UAB Eurocom, UAB All Media Lithuania, SIA Bite Latvija, SIA Teletowner and SIA All Media Latvia
|
| Issue: | Fixed- and floating-rate senior secured notes
|
| Amount: | €650 million
|
| Maturity: | Jan. 5, 2026
|
| Bookrunners: | Deutsche Bank AG, London Branch, Citigroup, ING and UniCredit
|
| Pricing date: | July 7
|
| Settlement date: | July 16
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Fixed-rate notes
|
| Amount: | €400 million
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Calls: | Non-callable for two years, then callable in 2022 at 102.3125, in 2023 at 101.1563 and in 2024 at par
|
| Price talk: | 4¾% area
|
|
|
| Floating-rate notes
|
| Amount: | €250 million
|
| Price: | 99.5
|
| Yield: | Euribor plus 462.5 bps
|
| Calls: | Non-call for one year, then callable at 101% in 2021 and at par in 2022
|
| Price talk: | Euribor plus 475 bps
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
