Jamaica's Digicel pricing $500 million tap of 8¼% senior notes due 2020 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Dec. 11 - Digicel Group Ltd. is pricing a $500 million add-on to its 8¼% senior notes due Sept. 30, 2020 (existing ratings Caa1//B-) on Wednesday, 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 the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable on Sept. 30, 2016 at 104.125. They feature a 35% equity clawback at 108.25 until Sept. 30, 2015 and a 101% poison put.

The Kingston, Jamaica-based wireless communications company plans to use the proceeds for general corporate purposes.

The original $1.5 billion issue priced at par in September 2012.

The Rule 144A add-on notes will be fully fungible. The Regulation S notes will have a temporary Cusip until at least 40 days after the issue date.

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