New Issue: Digicel prices $500 million 8¼% eight-year senior notes at 98.625 to yield 8½%

By Paul A. Harris

St. Louis, Nov. 23 - Caribbean wireless company Digicel Ltd. priced a $500 million issue of 8¼% eight-year senior notes (B1//B-) at 98.625 to yield 8½% on Monday, according to market sources.

The notes priced on top of price talk.

Credit Suisse, Citigroup and JPMorgan were joint bookrunners for the quick-to-market sale.

Proceeds will be used to refinance the 9¼% notes due 2012.

Digicel is wireless services provider based in Kingston, Jamaica.

Issuer:	Digicel Ltd.
Face amount:	$500 million
Proceeds:	$493,125,000
Maturity:	Sept. 1, 2017
Securities:	Senior notes
Bookrunners:	Credit Suisse, Citigroup, JPMorgan
Coupon:	8¼%
Price:	98.625
Yield:	8½%
Spread:	546 bps
Call features:	Callable on Sept. 1, 2013 at 104.125, 102.063, par on and after Sept. 1, 2015
Trade date:	Nov. 23
Settlement date:	Dec. 8
Ratings:	Moody's: B1
	Fitch: B-
Distribution:	Rule 144A for life/Regulation S
Price talk:	8½% area

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