Swedish Cableco Com Hem has set the set price guidance on its €287m high-yield eight-year bond in the area for a 11.75% yield, including an original discount of four points, reported Reuters citing a source.
This would correspond to a re-offer…
Swedish Cableco Com Hem has set the set price guidance on its €287m high-yield eight-year bond in the area for a 11.75% yield, including an original discount of four points, reported Reuters citing a source.
This would correspond to a re-offer price of around 96%, with books expected to be closed later today [Friday, 4 November], added the report.
A person briefed on the matter has previously confirmed to TelecomFinance that such a bond was out in the market, as a part of the bridge loans to high-yield bonds that support the group’s PE sale by Carlyle and Providence to BC Partners in July.
No financial details have been released about the sale of Com Hem, and BC Partners was unable to comment on the speculation.
Reports suggest that a total of SEK13.2bn ($2bn) of debt was used to finance the deal, underwritten by banks including Goldman Sachs, Nordea, UBS, Deutsche Bank, BofA Merrill Lynch, and Morgan Stanley. This total debt includes SEK7.1bn (US$1.09bn) of senior secured loans, according to reports.
TelecomFinance understands that Goldman Sachs was the lead arranger on the debt financing.
BC Partners was financially advised by UBS and Goldman Sachs, with Dickson Minto and Lindahl acting as legal advisers.
Mannheimer Swartling and Latham & Watkins were the legal advisers to the vendors.
