October 2, 2017 / 12:42 PM / a year ago

Wind targeting EUR7bn-equivalent of bonds - sources

LONDON, Oct 2 (IFR) - Italian telecommunications provider Wind Tre is seeking to raise about €7bn-equivalent in high-yield bonds as part of its upcoming jumbo refinancing deal, according to sources close to the transaction.

The company is seeking to refinance over €10bn-equivalent of debt through a trade comprising both euro and US dollar bonds. The rest of the package is slated to be financed through leveraged loans.

Wind was expected to tap the market this week, according to two sources.

But the sources close to the deal said it is likely to come in mid October, due to work yet to be completed on the loan portion of the financing.

“They are finalizing the appetite from each of the banks in terms of participating in the Term Loan A,” one source said.

“Each of the underwriting banks needs to reconfirm its appetite,” he said.

The company’s capital structure includes a €686m term loan and around €10bn-equivalent of secured and subordinated bonds.

Wind officials will participate in Deutsche Bank’s leveraged finance conference in the US on Tuesday, according to Thomson Reuters Eikon.

Investors have said that companies can use these conferences as an unofficial roadshow to begin preparing deals.

Bank of America Merrill Lynch, Deutsche Bank and HSBC are global coordinators and a number of other banks are involved, according to the sources.

Deutsche Bank declined to comment. BAML and HSBC did not immediately respond to requests for comment. (Reporting by Yoruk Bahceli, editing by Sudip Roy, Julian Baker)

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