By Paul A. Harris
St. Louis, Dec. 18 - Greek telecommunications company TIM Hellas Communications priced €1.4 billion equivalent of high-yield bonds in four floating-rate tranches on Monday, according to market sources.
The company priced a €97.25 million face amount add-on to senior secured floating-rate notes due Oct. 15, 2012 (B1/B) at 102.625 with a coupon of three-month Euribor plus 350 basis points. The issue generated €99.8 million of proceeds.
TIM Hellas also priced two tranches of nine-year subordinated floating-rate notes (Caa1/CCC+).
A €960 million tranche priced at par to yield three-month Euribor plus 600 bps, on the tight end of the Euribor plus 600 to 625 bps price talk.
Meanwhile $275 million tranche priced at three-month Libor plus 575 bps, also at the tight end of the Libor plus 575 to 600 bps price talk.
In addition, the company priced €200 million of 9.5-year floating-rate PIK notes (CCC+) at par to yield three-month Euribor plus 800 bps, on the tight end of the Euribor plus 800 to 825 bps price talk.
Deutsche Bank Securities, JP Morgan, Lehman Brothers and Morgan Stanley were joint bookrunners for the Rule 144A and Regulation S transaction.
Proceeds will be used to refinance debt and fund a dividend.
| Issuer: | TIM Hellas Communications
|
| Amount: | €1.4 billion
|
| Bookrunners: | Deutsche Bank Securities, JP Morgan, Lehman Brothers, Morgan Stanley
|
| Trade date: | Dec. 18
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A/Regulation S
|
|
|
| Add-on tranche
|
| Face amount: | €97.25 million
|
| Proceeds: | €99.8 million
|
| Maturity: | Oct. 15, 2012
|
| Security description: | Add-on to three-month Euribor plus 350 bps senior secured floating-rate notes
|
| Price: | 102.625
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
|
|
| Euro-denominated subordinated notes
|
| Amount: | €960 million
|
| Maturity: | Jan. 15, 2016
|
| Coupon: | Three-month Euribor plus 600 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 600 bps
|
| Ratings: | Moody's: Caal
|
| Standard & Poor's: CCC+
|
| Price talk: | Euribor plus 600 to 625 bps
|
|
|
| Dollar-denominated subordinated notes
|
| Amount: | $275 million
|
| Maturity: | Jan. 15, 2016
|
| Coupon: | Three-month Libor plus 575 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 575 bps
|
| Ratings: | Moody's: Caal
|
| Standard & Poor's: CCC+
|
| Price talk: | Libor plus 575 to 600 bps
|
|
|
| PIK notes
|
| Amount: | €200 million
|
| Maturity: | July 15, 2016
|
| Coupon: | Three-month Euribor plus 800 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 800 bps
|
| Rating: | Standard & Poor's: CCC+
|
| Price talk: | Euribor plus 800 to 825 bps
|
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