VodafoneZiggo shops long 10-year secured notes in dollars and euros

By Paul A. Harris

Portland, Ore., Oct. 16 – Netherlands-based cable operator VodafoneZiggo commenced marketing 10.25-year senior secured notes (expected ratings B1/B+/BB) in dollar- and euro-denominated tranches, both benchmark sized, on a Wednesday conference call with investors, according to market sources.

Although official tranche sizes and talk are pending, the market is looking for €1 billion-plus of euro-denominated notes to price in the low-3% area and $500 million to $700 million of dollar-denominated notes to come in the low-5% area, a bond trader said.

BofA Securities is the bookrunner for the dollar-denominated notes, while Barclays, Credit Suisse, HSBC, ING, Morgan Stanley, Rabo and SG CIB are the passive bookrunners.

For the euro-denominated notes, Credit Suisse and HSBC are the bookrunners. BofA Securities, Barclays, ING, Morgan Stanley, Rabo and SG are the passive bookrunners.

The Rule 144A and Regulation S notes come with five years of call protection.

The issuing entity will be Ziggo BV.

Proceeds, along with proceeds from a new euro-denominated term loan, will be used to pay off the existing €2.25 billion term loan F due 2025 and repay €800 million of 3¾% senior secured notes due 2025 and €72 million of 3 5/8% senior secured notes due 2020.

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