By Paul A. Harris
St. Louis, Jan. 13 - Alamosa (Delaware) Inc. priced an upsized $250 million of eight-year senior notes (Caa1/CCC) at par Tuesday to yield 8½%, or 470 basis points over Treasuries, a syndicate source said.
The notes, which mature Jan. 31, 2012, were increased from an originally planned $225 million offering.
Price talk on the notes had been revised to 8½% from 8 5/8%-8 7/8%.
UBS Investment Bank ran the books on the Rule 144A issue. Bear Stearns & Co. and Lehman Brothers were co-managers.
The company plans to use proceeds of the offering to repay its senior secured credit facility and for general corporate purposes.
The issuer is a wholly-owned independent subsidiary of Alamosa Holdings, a Lubbock, Texas-based wireless provider under the Sprint PCS brand.
Issuer: Alamosa (Delaware) Inc.
| Amount: | $250 million (increased from $225 million)
|
| Maturity: | Jan. 31, 2012
|
| Security description: | Senior notes
|
| Bookrunner: | UBS Investment Bank
|
| Co-managers: | Bear Stearns & Co., Lehman Brothers
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 470 basis points
|
| Call features: | Callable after Jan. 31, 2008 at 104.25, 102.125, par on Jan. 31, 2010 and thereafter
|
| Equity clawback: | Until Jan. 31, 2007 for 35% at 108.50
|
| Settlement date: | Jan. 20
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC
|
| Rule 144A Cusip: | 011588AG5
|
| Price talk: | 8½% (revised from 8 5/8%-8 7/8%)
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