By Reshmi Basu
New York, June 29 - South African cellular company Cell C (Pty) Ltd. priced €400 million of seven-year notes (BB-/B2) at par to yield 8 5/8%, according to a market source.
The deal came down the middle of price guidance. Guidance had been set at 8½% to 8¾%.
The notes are non-callable for seven-years.
Proceeds will be used to repay existing debt.
Last month, Cell C pulled a €675 million bond offering.
| Issuer: | Cell C (Pty) Ltd.
|
| Amount: | €400 million
|
| Issue: | First-priority senior secured notes
|
| Maturity: | July 1, 2012
|
| Coupon: | 8 5/8%
|
| Issue price: | Par
|
| Yield: | 8 5/8%
|
| Call option: | Callable on June 15, 2009 at 104.31 |
|
| Pricing date: | June 29
|
| Settlement date: | July 13
|
| Bookrunner: | Citigroup
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Price guidance: | 8½% to 8¾%
|
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