Published on 9/26/2013 in the Prospect News High Yield Daily.
New Issue: Avanti Communications prices $375 million six-year secured notes at par to yield 10%
By Paul A. Harris
Portland, Ore., Sept. 26 - Avanti Communications Group plc priced a $375 million issue of six-year senior secured notes (Caa1/B/) at par to yield 10% on Thursday, according to a syndicate source.
Jefferies LLC and UBS Investment Bank were the joint global coordinators. Jefferies, UBS and Barclays were the joint bookrunners.
The London-based satellite broadband internet services provider plans to use the proceeds to repay debt and for general corporate purposes.
Issuer: | Avanti Communications Group plc
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Amount: | $375 million
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Maturity: | Oct. 1, 2019
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Securities: | Senior secured notes
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Global coordinators: | Jefferies LLC, UBS Investment Bank
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Joint bookrunners: | Jefferies LLC, UBS Investment Bank, Barclays
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Call protection: | Non-callable before April 1, 2018
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Trade date: | Sept. 26
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Settlement date: | Oct. 3
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Ratings: | Moody's: Caa1
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Marketing: | Quick to market
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