Italian towerco EI Towers has priced a five-year €230m bond in a transaction almost 10 times oversubscribed.
The senior unsecured notes carry a coupon of 3.875% and mature on 26 April 2018, according to information provided by a person with knowledge…
Italian towerco EI Towers has priced a five-year €230m bond in a transaction almost 10 times oversubscribed.
The senior unsecured notes carry a coupon of 3.875% and mature on 26 April 2018, according to information provided by a person with knowledge of the transaction.
Orders totalled €2.2bn when books closed yesterday night (18 April), allowing for a tightening of almost 50 basis points from the IPT in the vicinity of 4.375% to the final price, according to the source.
The re-offer price is 99.444% and the yield 4%.
Proceeds from the notes, listed on the Irish Stock Exchange, will be used principally to refinance existing debt and for other corporate purposes.
Joint bookrunners for the transaction are Banca IMI, BNP Paribas, Mediobanca and Unicredit.
Fitch has rated EI Towers BBB with a stable outlook and assigned the new notes a BBB(EXP) rating.
Lissone-based EI Towers provides network infrastructure and services for electronic communications.
Listed on the Milan Stock Exchange, it has a market capitalisation of €679.05m.
The company posted revenues of €232.6m for FY 2012, up from €84.4m the previous year.
Elettronica Industriale, part of the Mediaset group, is EI Tower’s largest shareholder with a 65% stake.
