Related Issuers
by Stephen Carter
Jul 10, 2024 3:29 PM ET
Zegona Finance plc (Vodafone Spain) (ZEGLN) approx EUR3.41bn equivalent across TLB and sr sec notes.
Approx EUR2.13bn equivalent (US$/EUR) sr 144A/Reg S sr sec notes 2-part. Ba3/BB/BBB- (positive/positive/stable). No reg rights. List lux. NY law. Settles 07/17 (T+5).
- EUR1.3bn (from EUR1.25bn minimum) due 07/15/29 (5y). NC2 (07/15/26) (MWC B+50bp), then at 103.375, 101.6875, 100. Equity claw: 2y 40% at 106.75. Special call: 10% per year the 1st 2 years at 103. Via DB (B&D)/ING/UniCredit jt glocos and physical books/DNB/IMI/Santander jt books. Reg S ISIN: XS2859406139. IPT: 6.50%-6.75%. Price talk: 6.50%-6.75%. Final terms: EUR1.3bn 6.75% at par. Priced: 6.75% at 100. +423bp vs DBR 2.10% 04/12/29.
- US$900m (from minimum US$750m) due 07/15/29 (5y). NC2 (07/15/26) (MWC T+50bp), then at 104.3125, 102.15625, 100. Equity claw: 2y 40% at 108.625. Special call: 10% per year the 1st 2 years at 103. Via DB (B&D)/ING jt physical books/UniCredit jt glocos/DNB/IMI/Santander jt books. 144A CUSiP: 98927UAA5. IPT: mid 8s. Price talk: 8.50% area (unchanged). Final terms: US$900m at 8.625% at par. Priced: 8.625% at 100. +439bp vs 2.625% 07/31/29.
Roadshow (virtual group meetings) 07/01-03 (investor call 3pm UKT / 10am NYT 07/01). Books closed at 3pm UKT / 10am NYT 07/10. Reconfirms were due by 4:30pm UKT / 11:30am NYT 07/10. UOP: along with EUR31.4m cash on hand (TLB sizes US$400m (from US$400m min) and EUR920m (from EUR900m min), to repay $3.410bn bridge loans incurred to fund the acquisition of Vodafone Spain by Zegona Communications from Vodafone for approx. EUR5bn. Also incurred EUR500m term loan. Zegona will contribute EUR1.2bn in equity. Biz: leading integrated provider of Broadband, Mobile and TV in Spain (Acquisition announced 10/31/203, completed 05/31/2024)). Netroadshow: https://www.netroadshow.com/events/login?show=cf011d44&confId=68008