Integra Telecom Holdings withdraws $260 million notes offering

By Paul A. Harris

Portland, Ore., June 1 - Integra Telecom Holdings, Inc. has withdrawn its $260 million offering of high-yield notes, market sources say.

A roadshow for an offering of five-year unsecured notes began on May 17, and the deal had been scheduled to price during the May 23 week via joint bookrunners J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc.

However, the unsecured deal failed to gain traction among investors, whereupon the company contemplated switching to an add-on to its existing 10¾% secured notes due April 15, 2016, before withdrawing from the market altogether, sources say.

Proceeds from the bonds were to have been used to repay the company's existing credit facility and for general corporate purposes.

Integra Telecom is a Portland, Ore., fiber-based telecommunications carrier.

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