Published on 12/9/2021 in the Prospect News High Yield Daily.
New Issue: T-Mobile Netherlands prices €1.35 billion notes in two tranches
By Paul A. Harris
Portland, Ore., Dec. 9 – T-Mobile Netherlands priced €1.35 billion of high-yield notes on Thursday backing the acquisition of the company by Apax Partners LLP and Warburg Pincus LLC, according to a market source.
The deal, which came in two tranches, included €800 million of WP/AP Telecom Holdings IV BV seven-year senior secured notes (B1/B) that priced at par to yield 3¾%, at the tight end of yield talk in the 3 7/8% area. Joint physical bookrunner Barclays will bill and deliver. Deutsche Bank is a joint physical bookrunner for the tranche.
The offering also included €550 million of WP/AP Telecom Holdings III BV eight-year senior unsecured notes (Caa1/CCC+) that priced at par to yield 5½%, at the tight end of the 5½% to 5¾% yield talk. Joint physical bookrunner Deutsche Bank will bill and deliver for the unsecured notes. Barclays was a physical bookrunner for the tranche.
Proceeds will be used to finance the acquisition of T-Mobile Netherlands Holding BV by Apax Partners and Warburg Pincus from Deutsche Telekom AG and Tele2 AB, and to repay debt.
The issuer is a Netherlands-based telecom.
| Company: | T-Mobile Netherlands
|
| Amount: | €1.35 billion
|
| Joint bookrunners: | ABN Amro, BNP Paribas, Commerzbank, Credit Suisse, ING, Jefferies, KKR CM, Mizuho, MUFG, NatWest Markets, Nomura, Rabobank, Royal Bank of Canada, Santander, SMBC, Societe Generale, UniCredit
|
| Manager: | Standard Chartered
|
| Trade date: | Dec. 9
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| Settlement date: | Dec. 23
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Secured notes
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| Issuer: | WP/AP Telecom Holdings IV BV
|
| Amount: | €800 million
|
| Issue: | Senior secured notes
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| Maturity: | Jan. 15, 2029
|
| Physical bookrunners: | Barclays (bill and deliver) and Deutsche Bank
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 426 bps
|
| Call protection: | Three years
|
| Ratings: | Moody's: B1
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| S&P: B
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| Price talk: | 3 7/8% area
|
|
|
| Unsecured notes
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| Issuer: | WP/AP Telecom Holdings III BV
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| Amount: | €550 million
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| Issue: | Senior unsecured notes
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| Maturity: | Jan. 15, 2030
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| Physical bookrunners: | Deutsche Bank (bill and deliver) and Barclays
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 597 bps
|
| Call protection: | Three years
|
| Ratings: | Moody’s: Caa1
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| S&P: CCC+
|
| Price talk: | 5½% to 5¾%
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