By Reshmi Basu
New York, Feb. 8 - GC Impsat Holdings I plc priced a $225 million offering of 10-year senior unsecured notes (B3/B-) at par to yield 9 7/8%, according to a market source.
The issue is non-callable for five years. There is also a make whole call at Treasuries plus 50 basis points.
Investors also will be able to exercise a change-of-control put option at 101. The issue will have an equity clawback of up to 35% of the 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 was the bookrunner for the Rule 144A and Regulation S deal. Deutsche Bank was joint lead manager.
The issuer is a corporate communications provider with headquarters in Buenos Aires, Argentina.
The notes are guaranteed by existing and future subsidiaries, with the exception of Impsat SA, a Colombian company.
| Issuer: | GC Impsat Holdings I plc
|
| Amount: | $225 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | Feb. 15, 2017
|
| Coupon: | 9 7/8%
|
| Issue price: | Par
|
| Yield: | 9 7/8%
|
| Call option: | Callable on Feb. 15, 2012 at 104.938, Feb. 15, 2013 at 103.292, Feb. 15, 2014 at 101.646, Feb. 15, 2015 at 100; make whole call at Treasuries plus 50 bps
|
| Equity clawback: | For 35% until 2010
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 14
|
| Bookrunner: | Credit Suisse
|
| Joint lead manager: | Deutsche Bank
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody: B3
|
| Standard & Poor's: B-
|
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