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Cogent expected to price $450 million five-year notes on Tuesday; initial talk low-to-mid 7% area
By Paul A. Harris
Portland, Ore., June 6 – Cogent Communications Group, Inc. is expected to price a $450 million offering of senior notes due 2027 on Tuesday, according to market sources.
The deal, which was scheduled to launch on a Monday conference call with investors, is in the market with initial guidance in the low-to-mid 7% area, a sellside source said.
BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners.
The Rule 144A and Regulation S for life five-year notes become callable after two years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period. They also feature a 101% poison put.
Proceeds will be used to redeem and retire the Cogent Communications Group 4 3/8% senior notes due 2024, with any remaining proceeds to be used for general corporate purposes and/or to make special or recurring dividends.
Cogent Communications Group, a wholly owned subsidiary of Cogent Communications Holdings Inc., is a Washington, D.C.-based internet services provider.
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