Digicel to price $925 million eight-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Feb. 24 – Digicel Ltd. plans to price $925 million of eight-year senior notes (expected ratings B1//B) on Tuesday trailing a mid-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are joint bookrunners for the Rule 144A and Regulation S offering.

The notes become callable after three years at par plus 75% of coupon and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Kingston, Jamaica, wireless communications company plans to use the proceeds to redeem 100% of the Digicel Ltd. 8¼% notes due 2017.

The guarantors are Digicel Holdings (Bermuda) Ltd., Digicel International Finance Ltd., Digicel (Curacao) Holdings BV, Curacao Telecom NV, Digicel Eastern Caribbean Ltd., Digicel Aruba Holdings BV, Digicel Caribbean Ltd., Digicel (Jamaica) Ltd. and Digicel Holdings Ltd.

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