Wind Acquisition Finance S.A. Announces Senior Secured Notes Offering
OREANDA-NEWS. “VimpelCom Ltd.” (“VimpelCom”, “Company” or “Group”) (NASDAQ:VIP), announced today the planned completion of the refinancing of WIND Group, which will result in approximately EUR 300 million of total savings in annual interest costs. This refinancing improves the capital structure of its indirectly owned subsidiaries WIND Telecomunicazioni S.p.A. (“WIND”) and Wind Acquisition Finance S.A. (“WAF”).
WAF priced a total of €4,070 million (equivalent) Senior Secured Notes in a combination of €575 million euro-denominated Euribor plus 4.00% Floating Rate Notes due 2020 and of €3,495 million (equivalent) Fixed Rate Notes in a combination of €2,100 million 4.00% notes due 2020 and of USD 1,900 million 4.75% notes due 2020.
The net proceeds of this offering will be utilized by WAF to refinance both the existing Senior Secured Notes due 2018 and the non-extended part of WIND's Senior Credit Facilities. The aim of the refinancing plan is to provide WAF and WIND with a more sustainable and manageable capital structure with an extended maturity profile and significant interest cost savings resulting in stronger cash flows, which will facilitate a deleveraging trajectory of WAF and WIND. This planned transaction completes the refinancing of WAF and WIND after the refinancing transaction announced on April 8, 2014.
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