By Paul A. Harris
Portland, Ore., Nov. 4 - Swedish cable operator Com Hem priced a €287 million issue of 10¾% eight-year senior notes (Caa1/CCC+/) at 94.98 to yield 11¾% on Friday, according to market sources.
The yield printed on top of yield talk. The reoffer price came cheap to original issue discount talk of 4 points.
Goldman Sachs International, the global coordinator and joint bookrunner, will bill and deliver.
Deutsche Bank AG, Morgan Stanley, UBS AG, Bank of America Merrill Lynch and Nordea were also joint bookrunners.
Proceeds will be used to help fund BC Partners' acquisition of Com Hem from Carlyle Group.
On Oct. 27 Com Hem priced an SEK 3.5 billion issue of 9¼% seven-year senior secured notes (B1/B) at 96.938 to yield 9 7/8%. That deal was also part of the acquisition financing.
| Issuer: | Norcell Sweden Holding 2 AB (Com Hem)
|
| Face amount: | €287 million
|
| Proceeds: | €272.65 million
|
| Maturity: | Sept. 29, 2019
|
| Securities: | Senior notes
|
| Global coordinator: | Goldman Sachs International
|
| Bill and deliver: | Goldman Sachs International
|
| Joint bookrunners: | Deutsche Bank AG, Morgan Stanley, UBS AG, Bank of America Merrill Lynch, Nordea
|
| Co-manager: | Commerzbank
|
| Coupon: | 10¾%
|
| Price: | 94.98
|
| Yield: | 11¾%
|
| Spread: | 1,027 bps
|
| First call: | Callable in four years at 105.375
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 11¾% yield with 4-point OID
|
| Marketing: | Roadshow
|
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