Published on 12/6/2013 in the Prospect News Emerging Markets Daily.
New Issue: China's Pacnet prices $350 million five-year notes at par to yield 9%
By Paul A. Harris
Portland, Ore., Dec. 6 - Pacnet Ltd. priced a $350 million issue of five-year senior secured notes (B2//BB) at par to yield 9% on Friday, according to a market source.
The yield printed at the tight end of yield talk in the 9 1/8% area.
DBS Bank, Deutsche Bank, Goldman Sachs and Standard Chartered managed the sale.
The Hong Kong-based telecommunications company plans to use the proceeds to refinance its notes maturing in 2015.
Issuer: | Pacnet Ltd.
|
Amount: | $350 million
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Maturity: | Dec. 12, 2018
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Securities: | Senior secured notes
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Bookrunners: | DBS Bank, Deutsche Bank, Goldman Sachs, Standard Chartered
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Call protection: | Three years
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Trade date: | Dec. 6
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Settlement date: | Dec. 12
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Ratings: | Moody's: B2
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| Fitch: BB
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Distribution: | Rule 144A and Regulation S
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Price talk: | 9 1/8% area
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Marketing: | Roadshow
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