Mexico's Axtel to sell $250 million 10-year notes

By Reshmi Basu

New York, Jan. 23 - Mexico's Axtel, SA de CV plans to issue $250 million of 10-year senior unsecured notes (Ba3/BB-), according to a market source.

The notes will be non-callable for five years.

The deal will have an equity clawback option of up to 35% of the total principal amount. Investors can also exercise a change-of-control put option at 101.

Proceeds from the sale will be used for the partial payment of a $311 million bridge loan.

Credit Suisse is the bookrunner for the Rule 144A and Regulation S transaction.

Axtel is a Garza Garcia, Mexico, telecommunications firm.

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