By Paul A. Harris
Portland, Ore., Dec. 5 - Alcatel-Lucent USA Inc. priced a $650 million issue of non-callable 4 5/8% senior notes due July 1, 2017 (B3/CCC+/) at 99.593 to yield 4¾% on Thursday, according to a market source.
The coupon came on top of coupon talk. The yield came at the tight end of the 4¾% to 5% yield talk.
Deutsche Bank Securities Inc. was the global coordinator. BNP Paribas, Credit Suisse, Goldman Sachs and JPMorgan are the joint bookrunners.
Proceeds, together with cash on hand, will be used to repay the Lucent Technologies Capital Trust I 7¾% convertible trust preferred securities due 2017.
Alcatel-Lucent is a Paris-based provider of products in IP and cloud networking, as well as ultra-broadband fixed and wireless access.
| Issuer: | Alcatel-Lucent USA Inc.
|
| Face amount: | $650 million
|
| Proceeds: | $647 million
|
| Maturity: | July 1, 2017
|
| Securities: | Senior notes
|
| Global coordinator: | Deutsche Bank Securities Inc.
|
| Bookrunners: | BNP Paribas, Credit Suisse, Goldman Sachs, JPMorgan
|
| Coupon: | 4 5/8%
|
| Price: | 99.593
|
| Yield: | 4¾%
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Quick to market
|
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