By Paul Deckelman
New York, March 24 - NII Holdings Inc. was heard by high-yield syndicate sources on Thursday to have priced a quickly shopped, upsized tranche of 10-year senior notes (B2/B+).
The $750 million issue - upsized from the $500 million deal announced during the morning hours - was priced though NII Capital Corp., a wholly owned subsidiary of NII Holdings. The parent company, based in Reston, Va., provides mobile communications services for business customers in various countries in Latin America.
The bonds - which are being sold via a public offering registered with the Securities and Exchange Commission - priced at par to yield 7 5/8%, in the middle of price talk envisioning a yield between 7½% and 7¾%.
The deal includes five years of call protection.
Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. were joint brookrunners.
The company plans to use the proceeds for general corporate purposes, which it said includes - but are not limited to - acquiring telecommunications spectrum, network expansion, deployment of new technologies and refinancing repaying or repurchasing outstanding debt.
| Issuer: | NII Capital Corp. (a subsidiary of NII Holdings, Inc.)
|
| Amount: | $750 million (upsized from $500 million originally announced)
|
| Maturity | April 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc.
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Call features: | Non-callable until April 1, 2016, then callable at 103.813, 102.541, 101.271 and at par on or after April 1, 2019
|
| Trade date: | March 24
|
| Settlement date: | March 29
|
| Ratings: | Moody's: B2
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| Standard & Poor's: B+
|
| Distribution: | SEC registered public offering
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Quick-to-market (deal priced the same day it was announced)
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