New Issue: Equinix prices upsized €1 billion 2 7/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 6 – Equinix, Inc. priced an upsized €1 billion issue of eight-year senior notes (B1/BB+/BB) at par to yield 2 7/8% on Wednesday, according to a market source.

The issue, which played to approximately €3 billion of orders, was upsized from €750 million.

The yield printed on top of final yield talk, which tightened from earlier talk in the 3% area. Initial guidance was in the 3¼% area.

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

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.

Issuer:	Equinix, Inc.
Amount:	€1 billion, increased from €750 million
Maturity:	Oct. 1, 2025
Securities:	Senior notes
Lead left bookrunner:	Barclays (bill and deliver)
Joint bookrunners:	BofA Merrill Lynch, JPMorgan, ING
Co-managers:	RBC, Citigroup, TD, HSBC, MUFG, Goldman Sachs, US Bank, Wells Fargo
Coupon:	2 7/8%
Price:	Par
Yield:	2 7/8%
Spread:	285 bps
First call:	Make-whole call at Bunds plus 50 bps until Oct. 1, 2020, then callable at 101.438
Trade date:	Sept. 6
Settlement date:	Sept. 20
Ratings:	Moody's: B1
	S&P: BB+
	Fitch: BB
Distribution:	SEC registered
Price talk:	Final was 2 7/8%, tightened from 3% area
Marketing:	Roadshow

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