Published on 11/6/2012 in the Prospect News High Yield Daily.
New Issue: Clear Channel prices $2.73 billion 10-year notes in two tranches
By Paul A. Harris
Portland, Ore., Nov. 6 - Clear Channel Worldwide Holdings, Inc. priced $2,725,000,000 of 10-year senior notes (B1/B/BB-) in two tranches on Tuesday, according to market sources.
The transaction included a $735.75 million tranche of 6½% series A notes, which priced at 99 to yield 6.639%. The yield printed 14 basis points beyond the wide end of the 6¼% to 6½% yield talk.
In addition the company priced a $1,989,250,000 tranche of series B notes at par to yield 6½%, at the wide end of the 6¼% to 6½% yield talk.
Goldman Sachs & Co., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC were the joint bookrunners.
The San Antonio-based outdoor advertising company plans to use the proceeds, together with cash on hand, to fund the tender offer for its existing 9¼% series A senior notes due 2017 and 9¼% series B senior notes due 2017.
| Issuer: | Clear Channel Worldwide Holdings, Inc.
|
| Face amount: | $2,725,000,000
|
| Proceeds: | $2,717,642,500
|
| Maturity: | Nov. 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Wells Fargo Securities, LLC
|
| Call features: | Make-whole call until Nov. 15, 2017, then callable at 103.25, 102.167, 101.083, par on and after Nov. 15, 2020
|
| Equity clawback: | 40% at 106.5 until Nov. 15, 2015
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Brief roadshow
|
|
|
| Series A notes
|
| Face amount: | $735,750,000
|
| Proceeds: | $728,392,500
|
| Coupon: | 6½%
|
| Price: | 99
|
| Yield: | 6.639%
|
| Spread: | 494 bps
|
|
|
| Series B notes
|
| Amount: | $1,989,250,000
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 480 bps
|
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