By Paul A. Harris
Portland, Ore., July 21 – Clear Channel International BV priced an upsized $375 million issue of 6 5/8% five-year senior secured notes (B2/B) in a Tuesday drive-by, according to market sources.
The issue size increased from $350 million.
Price talk was in the 7% area.
The deal was heard to be at least a couple of times oversubscribed, a bond trader said.
Deutsche Bank Securities Inc. was the left lead bookrunner. Joint bookrunners were Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The New York-based outdoor advertising company plans to use the proceeds for general corporate purposes and to repay debt.
| Issuer: | Clear Channel International BV
|
| Amount: | $375 million, increased from $350 million
|
| Maturity: | Aug. 1, 2025
|
| Securities: | Senior secured notes
|
| Left lead bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 6 5/8%
|
| Spread: | 636 bps
|
| Call protection: | 1.5 years
|
| Trade date: | July 21
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% area
|
| Marketing: | Drive-by
|
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