Mexico's Axtel talks $250 million 10-year notes at 7¾% area

By Reshmi Basu

New York, Jan. 29 - Mexican telecommunications firm Axtel, SA de CV set price talk for a $250 million offering of 10-year senior unsecured notes (Ba3/BB-) in the area of 7¾%, according to a market source.

Pricing is expected to take place on Tuesday.

The notes will be non-callable for five years.

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

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

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

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