By Paul A. Harris
St. Louis, Nov. 12 - Inmarsat Finance plc priced a $650 million issue of 7 3/8% eight-year senior unsecured notes (Ba2/BB+/) at 99.256 to yield 7½% on Thursday, according to market sources.
The yield printed at the tight end of the 7½% to 7¾% price talk.
Credit Suisse and Barclays Capital Inc. were global coordinators. BNP Paribas and RBS Securities Inc. were the bookrunners.
Co-lead managers were Calyon Securities, ING Securities and RBC Capital Markets Corp. Co-managers were Daiwa, Lloyds and Natixis Bleichroeder.
Proceeds will be used to refinance existing debt.
Inmarsat is a London-based provider of satellite telephone and e-mail services to the broadcasting, shipping and airline industries.
| Issuer: | Inmarsat Finance plc
|
| Face amount: | $650 million
|
| Proceeds: | $645,164,000
|
| Maturity: | Dec. 1, 2017
|
| Securities: | Senior unsecured notes
|
| Global coordinators: | Credit Suisse Securities, Barclays Capital Inc.
|
| Bookrunners: | BNP Paribas, RBS Securities Inc.
|
| Co-lead managers: | Calyon Securities, ING Securities, RBC Capital Markets Corp.
|
| Co-managers: | Daiwa, Lloyds, Natixis Bleichroeder
|
| Coupon: | 7 3/8%
|
| Price: | 99.256
|
| Yield: | 7½%
|
| Spread: | 428 bps
|
| Call protection: | Four years
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 27
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 7½% to 7¾%
|
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