By Christine Van Dusen
Atlanta, Oct. 29 - East Asia's Pacnet priced $300 million notes (B1//BB+) due Nov. 9, 2015 at par to yield 9¼%, a market source said.
Credit Suisse, Barclays, DBS and Standard Chartered were the bookrunners for the Rule 144A and Regulation S deal, which was talked at a yield in the 9 3/8% area.
Proceeds will be used for general corporate purposes, the refinancing of existing debt, for capital expenditures and for dividends to shareholders.
Pacnet is a submarine cable network operator based in Singapore and Hong Kong.
| Issuer: | Pacnet
|
| Amount: | $300 million
|
| Maturity: | Nov. 9, 2015
|
| Description: | Senior secured notes
|
| Bookrunners: | Credit Suisse, Barclays, DBS, Standard Chartered
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Change-of-control put: | 101%
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: B1
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9 3/8% area
|
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