Argentina's GC Impsat to issue $200 million 10-year notes

By Reshmi Basu

New York, Jan. 26 - GC Impsat Holdings I plc plans to sell $200 million of 10-year senior unsecured notes, according to a market source.

The issue is non-callable for five years. Investors will also be able to exercise a change-of-control put option at 101. The issue also will have an equity clawback of up to 35% of the total principal amount on or prior to 2010.

Proceeds will be used to finance a portion of the roughly $367 million of total funding required for the purchase of Impsat Fiber Networks, Inc. by Global Crossing, Ltd.

Credit Suisse is the bookrunner for the Rule 144A and Regulation S deal. Deutsche Bank will act as a joint lead manager.

The issuer is a corporate communications provider with headquarters in Buenos Aires, Argentina.

The notes will be guaranteed by existing and future subsidiaries, with the exception Impsat SA, a Colombian company.

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