Equinix sets initial price talk for €750 million notes in 3¼% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 5 – Equinix, Inc. gave initial price talk in the 3¼% area for its €750 million public offering of eight-year senior notes (expected ratings B1/BB+/BB), according to a market source.

The deal was scheduled to be marketed on a roadshow in London City on Tuesday and in London West End on Wednesday and is also set to price on Wednesday.

Lead left bookrunner Barclays will bill and deliver. BofA Merrill Lynch, JPMorgan and ING are joint bookrunners.

RBC, Citigroup, TD, HSBC, MUFG, Goldman Sachs and US Bank are the co-managers.

The notes come with three years of call protection and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Redwood City, Calif.-based data services company plans to use the proceeds to redeem all of its outstanding 4 7/8% senior notes due 2020 and for general corporate purposes, which may include debt repayment, capital expenditures, working capital and acquisitions of complementary businesses or assets.

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