Hawaiian Telecom to start roadshow Monday for $550 million three-part bond offering

By Paul A. Harris

St. Louis, April 13 - Hawaiian Telecom Communications Inc. will start a roadshow on Monday for a $550 million three-part bond offering, according to a syndicate source.

The company will sell eight-year senior floating-rate notes, which are non-callable for two years, eight-year senior fixed-rate notes, which are non-callable for four years, and 10-year senior subordinated notes, which are non-callable for five years. Tranche sizes remain to be determined.

Credit ratings also remain to be determined.

Goldman Sachs & Co. has the physical books for the Rule 144A/Regulation S offering, which has registration rights. JP Morgan and Lehman Brothers are joint bookrunners. ABN Amro and Wachovia Securities are co-managers.

Proceeds will be used to help fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.

Verizon Hawaii is based in Honolulu.

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