By Paul A. Harris and Reshmi Basu
New York, March 8 - Rogers Cable Inc. sold $350 million of senior secured second priority 10-year notes (Ba2/BBB-) Monday at 99.634 with a 5½% coupon to yield 5.548% or a spread of 175 basis points over Treasuries, according to a syndicate source.
Price talk was for a spread of 175 basis points.
Citigroup ran the books on the Rule 144A/Regulation S issue. The co-managers were JP Morgan, Morgan Stanley, TD Securities, Scotia Capital, RBC Capital Markets, CIBC World Markets, Harris Nesbitt and SG Cowen Securities.
Proceeds will be used to refinance existing debt and for general corporate purposes.
The issuer provides cable television service in Toronto.
| Issuer: | Rogers Cable Inc.
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| Amount: | $350 million
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| Maturity: | March 15, 2014
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| Security description: | Senior secured second priority notes
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| Bookrunner: | Citigroup
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| Co-managers: | JP Morgan, Morgan Stanley, TD Securities, Scotia Capital, RBC Capital Markets, CIBC World Markets, Harris Nesbitt, SG Cowen Securities
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| Coupon: | 5½%
|
| Price: | 99.634
|
| Yield: | 5.548%
|
| Spread: | 175 basis points
|
| Call protection: | Make-whole call at Treasuries plus 35 basis points
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| Trade date: | March 8
|
| Settlement date: | March 11
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Price talk: | 175 basis points |
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