Published on 4/29/2010 in the Prospect News High Yield Daily.
New Issue: Cequel sells $600 million add-on to 8 5/8% notes due 2017 at 102 to yield 8.167%
By Paul A. Harris
St. Louis, April 29 - Cequel Communications Holdings I, LLC and Cequel Capital Corp. priced an upsized $600 million add-on to their 8 5/8% senior unsecured notes due Nov. 15, 2017 (B3/B-/) at 102.0, resulting in an 8.167% yield on Thursday, according to an informed source.
The yield printed tight to the 8¼% price talk.
Goldman Sachs & Co. was the left lead bookrunner for the issue. Credit Suisse Securities and J.P. Morgan Securities Inc. were the joint bookrunners for the quick-to-market deal, which was upsized from $500 million.
Co-managers were UBS Investment Bank, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets Corp.
The St. Louis-based cable company will use the proceeds to repay its second-lien credit facility.
| Issuers: | Cequel Communications Holdings I, LLC and Cequel Capital Corp.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | Nov. 15, 2017
|
| Securities: | Add-on to 8 5/8% senior unsecured notes
|
| Left lead bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Credit Suisse Securities, J.P. Morgan Securities Inc.
|
| Co-managers: | UBS Investment Bank, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets Corp.
|
| Coupon: | 8 5/8%
|
| Price: | 102.0
|
| Yield: | 8.167%
|
| Call features: | Callable on Nov. 15, 2012 at 106.469, 104.313, 102.156, par on and after Nov. 15, 2015
|
| Trade date: | April 29
|
| Settlement date: | May 4
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 8¼%
|
| Original issue: | $600 million priced at 98.58 to yield 8 7/8% on Nov. 1, 2009
|
| Total issue size: | $1.2 billion
|
| Marketing: | Quick-to-market
|
© 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.
