By Paul A. Harris
St. Louis, Sept. 23 - US LEC Corp. sold $150 million of five-year senior second-lien floating-rate notes (B3/B-) at 99.50 on Thursday, according to an informed source.
The notes will pay a coupon of six-month Libor plus 850 basis points.
Price talk was six-month Libor plus 825 to 850 basis points.
Deutsche Bank Securities ran the books for the Rule 144A/Regulation S issue. Libertas was the co-manager.
Proceeds will be use to repay the company's outstanding senior credit facility and its senior subordinated notes and for working capital.
US LEC is a Charlotte, N.C., telecommunications carrier.
Issuer: | US LEC Corp.
|
Amount: | $150 million
|
Maturity: | Oct. 1, 2009
|
Security description: | Senior second-lien floating-rate notes
|
Bookrunner: | Deutsche Bank Securities
|
Co-manager: | Libertas
|
Coupon: | Six-month Libor plus 850 basis points
|
Price: | 99.50
|
Call features: | Callable after Oct. 1, 2006 at 105.5, 103.5, par on or after Oct. 1, 2008
|
Equity clawback: | Until Oct. 1, 2006 for 35% at par plus the applicable coupon
|
Pricing date: | Sept. 23
|
Settlement date: | Sept. 30
|
Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
Price talk: | Six-month Libor plus 825-850 basis points
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.