New Issue: Jamaica's Digicel prices $500 million tap of its 8¼% senior notes due 2020 at 103

By Paul A. Harris

Portland, Ore., Dec. 11 - Digicel Group Ltd. priced a $500 million add-on to its 8¼% senior notes due Sept. 30, 2020 (Caa1//B-) at 103 to yield 7.488% on Wednesday, according to a syndicate source.

The reoffer price came on top of price talk.

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

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

Issuer:	Digicel Group Ltd.
Face amount:	$500 million
Proceeds:	$515 million
Maturity:	Sept. 30, 2020
Securities:	Add-on to 8¼% senior notes due Sept. 30, 2020
Bookrunners:	Citigroup Global Markets, J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
Coupon:	8¼%
Price:	103
Yield to worst:	7.488%
Spread:	602 bps
First call:	Sept. 30, 2016 at 104.125
Equity clawback:	35% at 108.25 until Sept. 30, 2015
Change-of-control put:	101%
Trade date:	Dec. 11
Settlement date:	Dec. 16 with accrued interest
Ratings:	Moody's: Caa1
	Fitch: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	103 area
Marketing:	Quick to market
Original issue:	$1.5 billion priced at par in September 2012
Fungibility:	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
Total issue size:	$2 billion

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