Equinix to price $1 billion 10-year notes in Thursday drive-by; whisper is high 5% yield range

By Paul A. Harris

Portland, Ore., Nov. 19 – Equinix Inc. plans to price $1 billion of 10-year notes (B1/BB) on Thursday following a late-morning conference call with investors, according to a market source.

The notes, which are set to mature in January 2026, are in the market with initial guidance in the high 5% yield context, the source added.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and RBC Capital Markets Corp. are the joint bookrunners for the public offering.

TD Securities, ING, HSBC and MUFG are the co-managers.

The notes come with five years of call protection.

The Redwood City, Calif.-based interconnection and data center company plans to use the proceeds, along with $490 million of cash on hand, a $700 million term loan and $750 million of proceeds from the sale of common stock, to fund the acquisition of TelecityGroup plc, a London-based carrier-neutral data center and colocation center provider.

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