By Paul A. Harris
St. Louis, March 2 - Lithuania-based wireless communications operator Bite Lietuva priced a restructured €300 two-part note offering on Friday, according to a market source.
Issuing via special purpose vehicle Bite Finance International BV, the Vilnius-based company priced an upsized €190 million tranche of seven-year senior secured floating-rate notes (B3/B/B) at par to yield three-month Euribor plus 350 basis points.
The tranche was upsized from €185 million.
The company also priced a downsized €110 million tranche of 10-year senior subordinated floating-rate notes (Caa2/CCC+/CCC+) at par to yield three-month Euribor plus 675 bps.
The subordinated tranche was downsized from €115 million.
Deutsche Bank was the bookrunner for the Rule 144A and Regulation S issuance. Calyon Securities was the joint lead manager.
Proceeds will be used to fund the acquisition of the company by an investor group led by Mid Europa Partners.
Bite operates in Lithuania and Latvia.
| Issuer: | Bite Finance International BV (Bite Lietuva)
|
| Amount: | €300 million
|
| Bookrunner: | Deutsche Bank Securities
|
| Joint lead manager: | Calyon Securities
|
| Trade date: | March 2
|
| Settlement date: | March 9
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Senior tranche
|
| Amount: | €190 million (upsized from €185 million)
|
| Maturity: | March 15, 2014
|
| Security description: | Senior secured floating-rate notes
|
| Coupon: | Three-month Euribor plus 350 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 350 bps
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Fitch: B
|
|
|
| Subordinated tranche
|
| Amount: | €110 million (downsized from €115 million)
|
| Maturity: | March 15, 2017
|
| Security description: | Senior subordinated floating-rate notes
|
| Coupon: | Three-month Euribor plus 675 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 675 bps
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Fitch: CCC+
|
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