By Paul A. Harris
St. Louis, Dec. 10 - Tele Norte Leste Participacoes SA, the holding company for Telemar, sold $300 million of 8% senior unsecured notes due Dec. 18, 2013 (Baa3) at 98.32 on Wednesday to yield 8¼%, according to market sources.
Price talk was for a yield in the 8¼% area.
JP Morgan and Credit Suisse First Boston were bookrunners on the Rule 144A/Regulation S (with registration rights) deal.
The notes come with political risk insurance and a reserve account covering 18 month of interest payments.
Proceeds will be used for general corporate purposes.
The issuer is a Rio de Janeiro, Brazil-based fixed wireline and cellular telephone company.
| Issuer: | Tele Norte Leste Participacoes SA (Telemar)
|
| Amount; | $300 million
|
| Maturity: | Dec. 18, 2013
|
| Security description: | Senior unsecured notes with political risk insurance
|
| Bookrunners: | JP Morgan, Credit Suisse First Boston
|
| Coupon: | 8%
|
| Price: | 98.32
|
| Yield: | 8¼%
|
| Spread: | 393 basis points
|
| Call features: | Callable after Dec. 18, 2008 at 104, declining to par in year eight
|
| Settlement date: | Dec. 18, 2003
|
| Rating: | Moody's: Baa3
|
| Price talk: | 8¼% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
