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Impsat $200 million 10-year notes expected in 10% area
By Paul Deckelman
New York, Feb. 2 - GC Impsat Holdings I plc's upcoming $200 million issue of 10-year senior notes has unofficial price guidance in the 10% area, emerging markets sources said.
Those bonds are being brought to market by bookrunner Credit Suisse and joint lead manager Deutsche Bank. Timing on the deal remains to be announced.
The Rule 144A/Regulation S issue will be non-callable for the first five years after issue, apart from a make-whole call at 50 basis points over Treasuries, and the standard equity clawback provision for 35% of the total principal amount in the first three years.
Investors will also be able to exercise a change-of-control put option at 101.
The issuer, GC Impsat Holdings I plc, is a wholly-owned subsidiary of Global Crossing Ltd., the Hamilton, Bermuda-based international fiber-optic telecommunications company that underwent a Chapter 11 restructuring early in the decade, emerging in December 2003.
It plans to use the proceeds of the new deal to finance a portion of the $367 million of total funding, including debt repayment, required for the purchase of Impsat Fiber Networks, Inc., a Buenos Aires-based telecommunications company which provides integrated broadband voice and data services, and wholesale internet access capabilities, in seven Latin American countries, mostly to governments, multinational companies and other large institutions.
Proceeds from the deal will initially be put into escrow, pending completion of the acquisition transaction.
The notes will be guaranteed by existing and future subsidiaries, with the exception of Impsat SA, a Colombian company.
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