Published on 8/3/2010 in the Prospect News High Yield Daily.
New Issue: Trilogy sells $370 million 10¼% six-year notes at 98.902 to yield 10½%
By Paul A. Harris
St. Louis, Aug. 3 - Trilogy International Partners LLC and Trilogy International Finance Inc. priced a $370 million issue of 10¼% six-year senior secured notes (Caa1/CCC+/) at 98.902 to yield 10½% on Tuesday, according to an informed source.
The yield printed at the wide end of the 10¼% to 10½% price talk.
Goldman Sachs & Co. was the left lead bookrunner. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. were the joint bookrunners.
Proceeds will be used to repay the Bellevue, Wash.-based company's $250 million term loan and to invest in its New Zealand operations.
Trilogy has operations in the Caribbean, Latin America and New Zealand.
| Issuers: | Trilogy International Partners LLC and Trilogy International Finance Inc.
|
| Face amount: | $370 million
|
| Proceeds: | $365,937,000 (approximately)
|
| Maturity: | Aug. 15, 2016
|
| Securities: | Senior secured notes
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
|
| Coupon: | 10¼%
|
| Price: | 98.902
|
| Yield: | 10½%
|
| Call protection: | Callable on Aug. 15, 2013 at 105.125, 102.563, par on and after Aug. 15, 2015
|
| Equity clawback: | 35% at 110.25 until Aug. 15, 2013
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 10
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10¼% to 10½%
|
| Marketing: | Roadshow
|
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