By Paul A. Harris
Portland, Ore., Dec. 9 – German cable operator Unitymedia priced a €420 million issue of 10-year senior secured notes (Ba3/BB-) at par to yield 4 5/8% on Wednesday, according to a market source.
The yield printed at the wide end of yield talk in the 4½% area.
Joint bookrunner BofA Merrill Lynch will bill and deliver. Barclays, Credit Agricole CIB, Citigroup, Deutsche Bank and UBS were also joint bookrunners.
The issuing entities are Unitymedia Hessen GMBH & Co. KG and Unitymedia NRW GMBH.
The Koln, Germany-based company plans to use the proceeds to partially refinance its euro-denominated senior secured notes due in 2022 and 2023, as well as to repay revolver debt and for general corporate purposes.
| Issuer: | Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH
|
| Amount: | €420 million
|
| Maturity: | Feb. 15, 2026
|
| Securities: | Senior secured notes
|
| Bookrunners: | BofA Merrill Lynch (bill and deliver), Barclays, Credit Agricole CIB, Citigroup, Deutsche Bank, UBS
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 403 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until Feb. 15, 2021, then callable at a premium
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 23
|
| Ratings: | Moody's Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% area
|
| Marketing: | Quick to market
|
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