Consolidated Communications markets $1 billion eight-year secured notes; initial talk low 7% area

By Paul A. Harris

Portland, Ore., Sept. 14 – Consolidated Communications Holdings, Inc. commenced marketing a $1 billion offering of eight-year senior secured notes on Monday, according to market sources.

The Rule 144A and Regulation S deal, being shopped with initial guidance in the low 7% area, is expected to price on Friday.

J.P. Morgan Securities LLC is leading the offering.

The notes come with three years of call protection.

The Mattoon, Ill.-based broadband and business communications provider plans to use the proceeds to redeem all of its outstanding 6½% senior notes due 2022 and to pay down its existing credit facility.

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