Consolidated Communications to price $400 million notes on Thursday; initial talk low 5% area

By Paul A. Harris

Portland, Ore., March 3 – Consolidated Communications Inc. is expected to price a $400 million offering of 7.5-year senior secured notes (existing ratings B2/B+) on Thursday, according to a market source.

The deal, which kicked off on a Wednesday morning conference call with investors, is in the market with initial guidance in the low 5% area.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, TD Securities (USA) LLC, Deutsche Bank Securities Inc. and Mizuho Securities USA Inc. are joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after 2.5 years at par plus 75% of the coupon.

The Mattoon, Ill.-based broadband provider plans to use the proceeds to pay down its term loans.

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