Telenet $1.3 billion and €730 million term loans price at par

By Sara Rosenberg

New York, Dec. 1 – Telenet wrapped syndication of its $1.3 billion 8.25-year term loan and €730 million 9.25-year term loan at a par issue price, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the U.S. term loan is Libor plus 250 basis points with a 0% Libor floor, and pricing on the euro term loan is Euribor plus 275 bps with a 0% floor.

Both term loans have 101 soft call protection for six months.

During syndication, the U.S. term loan was downsized from $1.55 billion and the euro term loan was downsized from €830 million, as the company’s U.S. senior secured notes offering was upsized to $1 billion from $750 million and its euro senior secured notes offering was upsized to €600 million from €500 million

J.P. Morgan Securities LLC and Goldman Sachs Bank USA are the leads on the deal. Bank of Nova Scotia is the administrative agent.

Proceeds will be used to refinance existing bank debt.

Telenet is a Mechelen, Belgium-based cable operator.

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