On Monday, Bite, a telecommunications group headquartered in Latvia with operations across the Baltic markets, launched a 5.5-year two-tranche €620 million senior secured bond deal. Proceeds will be used to repay in full the company’s credit facilities and to fund a reduction of its share capital.
On Tuesday night, the group priced its €400 million 5.5-year fixed rate notes at par to pay a coupon of 4.625%. The €250 million 5.5-year FRNs have priced at 99.5 with a spread of 462.5 basis points over Euribor.
Earlier on Tuesday, the group upsized its offering by €30 million to €650 million and amended its documentation to reflect:
- Net senior secured leverage test for secured debt incurrence has been increased to 4.5x from 4.25x;
- Portability net leverage test has been increased to 5.0x from 4.75x;
- RP builder basket net leverage test condition has been increased to 5.0x from 4.75x; and
- Springing financial maintenance covenant under the RCF has been increased to a 8.0x consolidated secured leverage ratio, from 7.5x earlier.
This report reflects the updated ratios