Bulgarian incumbent Vivacom has priced €400m (US$540m) of high-yield notes at par which will be listed on the Irish bourse.
The 6.625% senior secured notes are set to mature in 2018 and will be used to refinance Vivacom debt.
VTB Capital and Credit…
Bulgarian incumbent Vivacom has priced €400m (US$540m) of high-yield notes at par which will be listed on the Irish bourse.
The 6.625% senior secured notes are set to mature in 2018 and will be used to refinance Vivacom debt.
VTB Capital and Credit Suisse are joint global coordinators and bookrunners on the offering. Barclays and Deutsche Bank are also bookrunners on the offering while Societe Generale is co-manager.
The notes were rated ‘junk’ by Moody’s and S&P, which assigned B1 and BB- ratings respectively.
Up until the end of September, the Bulgarian government had held a golden share in the telco. At the beginning of October, it converted it into a common share and delisted the company.
Viva Telecom Bulgaria, owned by affiliates of the Bulgaria’s Corporate Commercial Bank and Russia’s VTB Bank, holds all Vivacom ordinary shares.
