Following an intensive roadshow in Europe with over 60 accounts engaged, Arena 1 was met with strong interest from high-quality international investors. The final book was 2.2 times oversubscribed.
Initial price guidance was announced in the 2.375-2.500% range for a new long five-year expected EUR 500 million offering, but the order book response was such that Arena 1 revised price twice, and priced the offering at 2.200%.
The issue achieved an attractive distribution, selling primarily into fund managers (85%) with most of the demand coming from the UK (34%), Germany (25%) and France (18%).
“We believe this successful second placement will enhance our presence in the financial markets. We have started building Arena 1’s yield curve by creating the second point to the curve,” commented Kateřina Jirásková, CFO of PPF Group. “We are glad to see new investors, as well as investors who bought into the first issue. This second Bond underlines investors’ confidence in our business strategy and sound financial profile.”
BNP Paribas, HSBC, Société Générale and UniCredit acted as Global Coordinators and Joint Bookrunners, and Crédit Agricole CIB, Credit Suisse and PPF banka as Co-managers.
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PPF Arena 1 B.V.
PPF Arena 1 B.V. is a leading provider of telecommunication services in the CEE region consolidating telecommunication activities of PPF Group across six national markets, comprising O2, CETIN and Telenor CEE Groups. PPF Arena 1 is rated Ba1 by Moody's, BB+ by Standard & Poor’s and BBB- by Fitch Ratings, all with stable outlook.