Published on 1/24/2007 in the Prospect News High Yield Daily.
New Issue: MasTec sells $150 million 10-year senior notes to yield 7 5/8%
By Paul A. Harris
St. Louis, Jan. 24 - MasTec, Inc. priced $150 million 10-year senior notes (B1/B+) at par to yield 7 5/8% on Wednesday, according to an informed source.
The yield came in the middle of the 7½% to 7¾% price talk.
Morgan Stanley ran the books for the notes, which were issued via Rule 144A with registration rights and via Regulation S.
Proceeds will be used to redeem all outstanding 7¾% senior subordinated notes due February 2008.
MasTec is a Coral Gables, Fla., telecommunications and energy infrastructure company.
Issuer: | MasTec, Inc.
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Amount: | $150 million
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Maturity: | Feb. 1, 2017
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Security description: | Senior notes
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Bookrunner: | Morgan Stanley
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Coupon: | 7 5/8%
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Price: | Par
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Yield: | 7 5/8%
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Spread: | 282 bps
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Call features: | Make-whole call at Treasuries plus 50 bps until Feb. 1, 2012, then at 103.813, 102.542, 101.271, par on and after Feb. 1, 2015
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Equity clawback: | Until Feb. 1, 2010 for 35% at 107.625
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Trade date: | Jan. 24
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Settlement date: | Jan. 31
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Ratings: | Moody's: B1
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| Standard & Poor's: B+
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Distribution: | Rule 144A with registration rights/Regulation S
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Price talk: | 7½% to 7¾%
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