By Paul A. Harris
St. Louis, Nov. 15 - Videotron Ltee. priced an upsized $315 million add-on to its 6 7/8% senior notes due Jan. 15, 2014 (Ba3/B+) at 105 on Monday, resulting in a yield to worst of 6.004% and a yield to maturity of 6.151%, according to an informed source.
Price talk was in the 105 area.
Banc of America Securities and Citigroup ran the books for the Rule 144A with registration rights add-on. The co-managers were RBC Capital Markets, Harris Securities, Scotia Capital, TD Securities, CIBC World Markets, Credit Suisse First Boston, NBF Securities and HSBC.
Proceeds will be used to refinance the company's term loan C and for general corporate purposes.
The add-on was upsized from $300 million.
The original $335 million issue priced at 99.0806 to yield 7% on Oct. 2, 2003.
Videotron is a Montreal-based cable television operator.
| Issuer: | Videotron Ltee.
|
| Issue: | Senior notes
|
| Amount: | $315 million (increased from $300 million)
|
| Maturity: | Add-on to 6 7/8% senior notes
|
| Maturity: | Jan. 15, 2014
|
| Bookrunners: | Banc of America Securities, Citigroup
|
| Coupon: | 6 7/8%
|
| Price: | 105
|
| Yield to worst: | 6.004%
|
| Yield to maturity: | 6.151%
|
| Call features: | Callable after Jan. 15, 2009 at 103.438, 102.292, 101.146, par on Jan 15, 2012 and thereafter
|
| Equity clawback: | Until Jan. 15, 2007 for 35% at 106.875
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 19 with accrued interest
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Price talk: | 105 area
|
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