By Paul A. Harris
St. Louis, March 16 - Digicel Group Ltd. priced a $775 million issue of eight-year senior notes (Caa1/CCC+/) at par to yield 10½% on Tuesday, according to a market source.
The yield printed at the tight end of the 10½% to 10¾% price talk.
Credit Suisse, Citigroup, JPMorgan and Deutsche Bank Securities ran the books for the quick-to-market deal.
Proceeds will be used to fund the acquisition of a 100% stake in Digicel Pacific Ltd.
The issuer is a wireless communications company based in Kingston, Jamaica.
| Issuer: | Digicel Group Ltd.
|
| Amount: | $775 million
|
| Maturity: | April 15, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse, Citigroup, JPMorgan, Deutsche Bank Securities
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | 715 bps
|
| Call protection: | Four years
|
| Trade date: | March 16
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A for life/Regulation S
|
| Price talk: | 10½% to 10¾%
|
| Marketing: | Quick-to-market
|
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