Jamaica's Digicel pricing $700 million eight-year notes Tuesday

By Paul A. Harris

Portland, Ore., Feb. 19 - Digicel Ltd. held an investor call on Tuesday morning to discuss its $700 million offering of eight-year senior notes (existing ratings B1//B), according to a syndicate source.

The deal, via left bookrunner Citigroup Global Markets, is set to price Tuesday.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc. and Davy Securities are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection and feature a three-year 35% equity clawback.

The notes will feature a standard, incurrence-based covenant package that is substantially identical to Digicel's 7% notes due 2020.

The Kingston, Jamaica-based wireless operator plans to use proceeds to redeem the company's 12% senior notes due 2014 and for general corporate purposes.

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