By Paul A. Harris
St. Louis, Sept. 27 - PanAmSat Holding Corp. sold about $247.3 million proceeds of 10-year senior discount notes (Caa1/B+) at 59.46 to yield 10½% in a quick-to-market transaction Monday, according to an informed source.
Price talk was 10 3/8% to 10 5/8%.
The note issue, which has a face amount of $416 million, will pay a 0% coupon for the first five years, after which the coupon will step up to 10 3/8%.
Citigroup was the bookrunner.
Proceeds will be used to fund a dividend to the company's equity sponsors, Kohlberg Kravis Roberts, Carlyle Group and Providence Equity Partners.
PanAmSat is a Wilton, Conn.-based satellite network operator.
| Issuer: | PanAmSat Holding Corp.
|
| Face amount: | $416 million
|
| Proceeds: | About $247.3 million
|
| Maturity: | Nov. 1, 2014
|
| Security description: | Senior discount notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 0% for five years, then 10 3/8%
|
| Price: | 59.46
|
| Yield: | 10½%
|
| Spread: | 651 basis points
|
| Call features: | Callable after Nov. 1, 2009 at 105.188, 103.458, 101.729, par on or after Nov. 1, 2012
|
| Equity clawback: | Until Nov. 1, 2007 for 35% at 110.375
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 19
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B+
|
| Price talk: | 10 3/8%-10 5/8%
|
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