New Issue: Jamaica's Digicel sells upsized $1 billion 6% eight-year notes at par

By Paul A. Harris

Portland, Ore., Feb. 19 - Digicel Ltd. priced an upsized $1 billion issue of eight-year senior notes (B1//B) at par to yield 6% on Tuesday, according to a syndicate source.

The yield printed on top of yield talk.

Citigroup Global Markets was the left bookrunner for the quick-to-market deal, which was upsized from $700 million.

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

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

Additional proceeds, resulting from the $300 million upsizing of the deal, will be used for general corporate purposes, which could include capital expenditures, acquisitions, debt repayment or dividends.

Issuer:	Digicel Ltd.
Amount:	$1 billion, increased from $700 million
Maturity:	April 15, 2021
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets
Joint bookrunners:	J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., J&E Davy
Coupon:	6%
Price:	Par
Yield:	6%
Spread:	461 bps
Call features:	Make-whole call at Treasuries plus 50 bps until April 15, 2016, then callable at 104.5, 103, 101.5, par on and after April 15, 2019
Equity clawback:	35% at 106 until April 15, 2016
Change-of-control put:	101%
Trade date:	Feb. 19
Settlement date:	March 5
Ratings:	Moody's: B1
	Fitch: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	6% area
Marketing:	Quick to market

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