By Paul A. Harris
Portland, Ore., Nov. 25 - Alcatel-Lucent USA Inc. priced a $250 million add-on to its 6¾% senior notes due Nov. 15, 2020 (B3/CCC+) at par to yield 6¾% on Monday, according to an informed source.
The reoffer price came on top of price talk.
Bookrunner Citigroup Global Markets Inc. will bill and deliver for the Rule 144A and Regulation S for life deal.
Proceeds, together with cash, will be used to repay all amounts outstanding under the company's €298 million senior secured credit facility due 2019.
Alcatel-Lucent is a telecommunications equipment company based in New York and Paris.
The original $750 million issue priced at par on Nov. 7.
| Issuer: | Alacatel-Lucent USA Inc.
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2020
|
| Security description: | Add-on to the 6¾% senior notes due Nov. 15, 2020
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 468 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Nov. 15, 2016, then callable at 103.375, 101.688, par on and after Nov. 15, 2018
|
| Equity clawback: | 35% at 106.75 until Nov. 15, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 25
|
| Settlement date: | Dec. 3
|
| Rating: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | Par area
|
| Marketing: | Quick to market
|
| Original issue: | $750 million priced at par on Nov. 7, 2013
|
| Total issue size: | $1 billion
|
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