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Capital Markets

Deals of the year 2010: Wind Telecommunications €6.6 billion (senior secured bonds and loan facility)

While the sovereign crisis and bank capital regulatory uncertainty was curtailing issuance for everyone except top-tier borrowers, investors were still displaying an appetite for strong high-yield credits. Italian telecommunications provider Wind re-entered the market with a €6.6 billion refinancing that replaced debt put in place from its 2005 LBO. Credit Suisse acted as the lead left book runner on its €2.7 billion senior secured bonds, and joint global coordinator with Deutsche Bank on the €3.93 billion senior loan facilities.

Wind Telecommunications
Size: €6.6 billion (senior secured bonds and loan facility)
Date: November 18
Leads: Credit Suisse and Deutsche Bank
Coupons: 7.375% and 7.25%

The company faced several headwinds. Despite entering a 20th successive quarter of revenue growth and the early repayment of a €336 million loan in January, Wind’s parent company, Weather Investments, part of the Orascom Group, had announced a planned merger with US-listed Russian telecom operator VimpelCom two weeks previously.

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