New Issue: 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
Maturity:	Dec. 12, 2018
Securities:	Senior secured notes
Bookrunners:	DBS Bank, Deutsche Bank, Goldman Sachs, Standard Chartered
Coupon:	9%
Price:	Par
Yield:	9%
Call protection:	Three years
Trade date:	Dec. 6
Settlement date:	Dec. 12
Ratings:	Moody's: B2
	Fitch: BB
Distribution:	Rule 144A and Regulation S
Price talk:	9 1/8% area
Marketing:	Roadshow

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