By Paul A. Harris
Portland, Ore., Sept. 30 – Ziply Fiber priced an upsized $350 million issue of 5.5-year senior secured notes (B1/B) at par to yield 4¾% in a Thursday drive-by, according to market sources.
The issue size increased from $275 million.
The yield printed at the tight end the 4¾% to 5% yield talk and tighter than initial guidance in the low-5% area.
Goldman Sachs & Co. LLC was the left bookrunner.
The notes were sold via Northwest Fiber, LLC, which does business as Ziply Fiber, and Northwest Fiber Finance Sub, Inc.
The Kirkland, Wash.-based telecom plans to use the proceeds for capital expenditures and general corporate purposes.
| Issuers: | Northwest Fiber, LLC and Northwest Fiber Finance Sub, Inc.
|
| Amount: | $350 million, increased from $275 million
|
| Maturity: | April 30, 2027
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | BofA Securities Inc. and Deutsche Bank Securities Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 365 bps
|
| First call: | Oct. 15, 2023 at 102.375
|
| Trade date: | Sept. 30
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Drive-by
|
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