BRIEF-HNA Group reports 25 pct stake in Park Hotels & Resorts
* HNA Group Co Ltd reports 25 percent stake in Park Hotels & Resorts Inc as of March 15, 2017 - SEC filing Source: (http://bit.ly/2oevTFJ) Further company coverage:
LONDON, Feb 5 (IFR) - Ziggo has set the interest on its euro 2024 exchange notes at 7.125%, according to a banker on the deal, which Liberty Global is offering to Ziggo bondholders as part of its acquisition debt of the Dutch cable firm.
The notes are the unsecured financing of the acquisition and take the form of an exchange offer to holders of Ziggo's 8% EUR1.2bn 2018 senior notes, rather than a new issue. The holders have been offered the chance to exchange into EUR934m of new 8% senior notes also due in 2018.
If they agree, bondholders will receive a guaranteed allocation on a new 10-year non-call five (10NC5) high-yield bond, with a May 2024 maturity. This 10NC5 bond will only come into existence if and when Liberty's acquisition of Ziggo is closed.
The coupon on the new 2024 will be semi-annual in arrears on May 15 and November 15. The call premiums of the new 2024 will be 103.563% from May 15 2019, 102.375% from May 15 2020, 101.188% from May 2021, and at par from May 15 2022.
The bond will also have a 40% equity claw at 107.125% before May 15 2017.
The early bird deadline for bondholders to respond by is February 7, at 5:00pm New York time. If bondholders agree to the exchange before this deadline, they receive as an early participation premium a cash payment of EUR40 for every EUR1,000 held.
Credit Suisse is the dealer manager and structuring adviser on the exchange.
* HNA Group Co Ltd reports 25 percent stake in Hilton Worldwide Holdings Inc as of March 15 - SEC filing