ONO Finance priced its dual tranche high yield bond this week and, following a successful roadshow, was able to increase the amount issued. Originally intended to be a $300m financing, the final issue provided proceeds of $400m to the company, split between a euro and a dollar tranche. The euro tranche emerged as a Eu125m 10 year transaction paying a 13% coupon and a spread of 917bp over the Bund. The $275m tranche paid a 13% coupon and a spread of 774bp over the 5.26% US Treasury. The deal also includes warrants for equity.
April 30, 1999