ITC DeltaCom talks $325 million six-year senior secured notes at 10¾%-11% yield, 2-3 points OID

By Paul A. Harris

St. Louis, Feb. 8 - ITC DeltaCom talked its $325 million offering of six-year first-lien senior secured notes to yield 10¾% to 11% with 2 to 3 points of original issue discount on Monday, according to an informed source.

Books close at 11 a.m. ET on Tuesday.

Credit Suisse Securities and Jefferies & Co. are the joint bookrunners.

Proceeds will be used to repay bank debt and for general corporate purposes.

The notes come with three years of call protection. However, up to 10% of the issue may be called annually at 103 during the non-call period.

The notes also come with a provision allowing them to be put at 101% if a change of control occurs.

The company is a Huntsville, Ala.-based voice, data and internet services provider.

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