Cable & Wireless talks $750 million seven-year notes at 7¼% area; pricing Friday

By Paul A. Harris

Portland, Ore., July 30 – Cable & Wireless Communications plc talked its $750 million offering of seven-year senior notes (Ba3/B) to yield in the 7¼% area, according to a market source.

Official talk came in wide of initial guidance in the high 6% area, the source added.

The Rule 144A and Regulation S for life deal is set to price Friday.

J.P. Morgan Securities LLC, BNP Paribas, RBC Capital Markets and Scotia Capital are the joint bookrunners.

Bank of Canada, CIBC World Markets, DNB and ING are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The issuing entity is Sable International Finance Ltd.

The London-based telecommunications company plans to use the proceeds to refinance its term loans and for general corporate purposes.

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