Published on 12/9/2003 in the Prospect News High Yield Daily.
New Issue: Axtel upsizes 10-year notes to $175 million, yield 11%
By Paul A. Harris
St. Louis, Dec. 9 - Axtel SA priced an upsized offering of $175 million of senior notes due Dec. 15, 2013 (B2/B) at par Tuesday to yield 11%, according to a market source.
The deal was increased from $150 million. Price talk was for a yield in the 11¼% area.
Credit Suisse First Boston ran the books for the Rule 144A deal.
Axtel will use proceeds to refinance debt
The issuer is a San Pedro Garza García, Mexico-based CLEC using fiber optic, wireless and radio technology.
Issuer: | Axtel SA
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Amount: | $175 million (increased from $150 million)
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Maturity: | Dec. 15, 2013
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Security description: | Senior notes
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Bookrunner: | Credit Suisse First Boston
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Coupon: | 11%
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Price: | Par
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Yield: | 11%
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Spread: | 665 basis points
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Call features: | Callable after Dec. 15, 2008 at 105.50, 103.667, 101.833, par on Dec. 15, 2011 and thereafter
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Settlement date: | Dec. 16
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Price talk: | 11¼% area
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