By Paul A. Harris
Portland, Ore., Jan. 21 – Ziggo Secured Finance BV priced an €800 million issue of 10-year senior secured notes (expected ratings Ba3/BB-) at par to yield 3¾% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 3 7/8% area.
Credit Suisse was the left bookrunner. BofA Merrill Lynch, Deutsche Bank, ING, Morgan Stanley and Nomura were the joint bookrunners.
The Utrecht, the Netherlands-based telecommunications company plans to use the proceeds to finance the contribution of UPC Netherlands to the Ziggo credit pool.
Ziggo’s secured deal comes on the heels of last week's €740 million equivalent two-part unsecured notes sale.
In that transaction, also led by Credit Suisse, Ziggo Bond Finance BV priced $400 million of 5 7/8% notes and €400 million of 4 5/8% notes. The notes in both of those tranches mature on Jan. 15, 2025 and were priced at par, at the tight ends of yield talk.
As with Wednesday’s secured notes issue, the proceeds from last week’s unsecured deal were earmarked to finance the contribution of UPC Netherlands to the Ziggo credit pool.
| Issuer: | Ziggo Secured Finance BV
|
| Amount: | €800 million
|
| Maturity: | Jan. 15, 2025
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Credit Suisse
|
| Joint bookrunners: | BofA Merrill Lynch, Deutsche Bank, ING, Morgan Stanley, Nomura
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 326 bps
|
| Call protection: | Callable Jan. 15, 2025 at 101.875
|
| Trade date: | Jan. 21
|
| Settlement date: | Feb. 4
|
| Expected ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 3 7/8% area
|
| Marketing: | Quick to market
|
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