By Paul A. Harris
St. Louis, Jan. 27 - Atlantic Broadband Finance LLC sold $150 million of senior subordinated notes due Jan. 15, 2014 (Caa1/CCC+) Tuesday at par to yield 9 3/8%, a market source said.
Price talk was 9 3/8% to 9 5/8%.
Merrill Lynch & Co. ran the books on the Rule 144A issue. SG Cowen Securities was co-manager.
Proceeds will be used to help fund the acquisition of cable TV assets from Charter Communications, sponsored by Abry Partners.
Atlantic Broadband is a Quincy, Mass.-based multiple system cable operator.
| Issuer: | Atlantic Broadband Finance LLC
|
| Amount: | $150 million
|
| Maturity: | Jan. 15, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Merrill Lynch & Co.
|
| Co-manager: | SG Cowen Securities
|
| Coupon: | 9 3/8%
|
| Price: | Par
|
| Yield: | 9 3/8%
|
| Spread: | 529 basis points
|
| Call features: | Callable after Jan. 15, 2009 at 104.688, 103.125, 101.563 par on Jan. 15, 2012 and thereafter
|
| Equity clawback: | Until Jan. 15, 2007 for 35% at 109.375
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 9 3/8%-9 5/8%
|
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