Spanish cable operator Ono has completed an offering of US$1bn in senior secured notes due 2018 in order to repay existing debt maturing in 2012 and 2013.
Ono said that the notes carried a coupon of 8.875% and an issue price of 96.934.
The lead…
Spanish cable operator Ono has completed an offering of US$1bn in senior secured notes due 2018 in order to repay existing debt maturing in 2012 and 2013.
Ono said that the notes carried a coupon of 8.875% and an issue price of 96.934.
The lead bookrunners for the offering were BNP Paribas, Deutsche Bank and JP Morgan.
The US$1bn figure represented a huge increase on the US$400m that Ono originally said it was planning to offer.
The company said that there had been “strong demand” for the notes. Over 170 investors, the majority American, had supported the transaction.
Ono’s CFO, Carlos Sagasta, said that the issue demonstrated the “great confidence” of investors in the company. Ono has now issued over €2.2bn in notes in little over a year.
The bond was issued by a special purpose independent orphan vehicle, Nara Cable Funding Limited.
Nara Cable has lent the gross proceeds of the offering to Cableuropa (Ono). These gross proceeds will form a new tranche of notes in Ono’s senior facility and be used to repay existing debt in this senior facility.
According to Ono, Fitch gave the notes a B rating, Moody’s a B2 rating and Standard & Poor’s a B rating.
