Masorange to launch €1.5 billion equivalent term loan on Tuesday

By Sara Rosenberg

New York, April 8 – Masorange (Lorca Finco plc) is scheduled to hold a lender call at 9 a.m. ET on Tuesday and one-on-ones on Tuesday through Thursday to launch a €1.5 billion equivalent U.S and euro seven-year covenant-lite term loan B (Ba3/BB+/BB+), according to a market source.

BofA Securities Inc. and BNP Paribas Securities Corp. are the joint global coordinators on the deal. BofA Securities and BNP Paribas are the physical bookrunners on the U.S. loan, and BNP Paribas, BofA Securities, BBVA and Natixis are the physical bookrunners on the euro loan. Caixa, Credit Agricole, Credit Suisse, Goldman Sachs, ING, Intesa, JPMorgan Chase Bank, Mizuho, Santander, SMBC and Societe Generale are passive bookrunners. Kroll Agency Services is the agent.

The U.S. and euro term loan has a 0% floor and 101 soft call protection for six months, the source said.

The total term loan amount includes a roughly €190 million pre-placement.

Commitments are due at noon ET on April 18, the source added.

Proceeds will be used with other secured debt with an expected five-year tenor to be incurred concurrently, a €4.35 billion drawn term loan A and €121 million of cash from the balance sheet to refinance the drawn facilities that funded a €6.1 billion payment upstreamed to the shareholders at closing of the formation of Masorange, a joint venture of Orange Spain and MasMovil.

Masorange is a mobile and fixed telecom company in Spain.

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