Masorange telegraphs new five-year secured debt to help fund Orange Spain, MasMovil combination

By Paul A. Harris

Portland, Ore., April 8 – Masorange telegraphed a new offering of Lorca Finco plc five-year secured debt in a Monday memo to prospective bank loan investors, according to a market source.

The loan financing, €1.5 billion equivalent of dollar- and euro-denominated term loans (Ba3/BB+/BB+) via BofA, BNP Paribas plus others, is scheduled to be marketed to lenders Tuesday through Thursday, with commitments due April 18.

Proceeds plus a €4.35 billion drawn term loan A and €121 million balance sheet cash will be used to refinance drawn facilities that funded a €6.1 billion payment upstreamed to shareholders at the closing of the formation of Spain-based telecom Masorange, a joint venture of Orange Spain and MasMovil.

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