Polkomtel has reportedly sold US$201m in PIK notes on the 144a private placement market.
According to reports the deal was originally set at US$200m.
According to Standard & Poor’s, Deutsche Bank and Credit Agricole acted as global coordinators,…
Polkomtel has reportedly sold US$201m in PIK notes on the 144a private placement market.
According to reports the deal was originally set at US$200m.
According to Standard & Poor’s, Deutsche Bank and Credit Agricole acted as global coordinators, while RBS and Societe Generale were joint bookrunners.
The agency said the bonds, which mature in 2020 and have a coupon of 14.25%, priced at 95 to yield 14.89%.
The agency added proceeds from the offering will be used to repay the €138m borrowed under the PIK bridge facility established to help finance Zygmunt Solarz-Zak’s acquisition of Poland’s second largest mobile operator for about PLN18bn (€4.5bn).
Financing for the acquisition includes a PLN3.4bn TLA, PLN3.12bn and €471m B term loans, a PLN1.7bn TLC, €930m of unsecured bonds, a €138m PIK and a PLN600m revolver, S&P said.
S&P assigned the PIK a B- rating while Moody’s rated it Caa1.
