New Issue: WaveDivision prices $125 million tap of 8 1/8% notes due 2020 at 106 to yield 6.769%

By Paul A. Harris

Portland, Ore., April 15 – WaveDivision Holdings, LLC and WaveDivision Holdings Corp. priced a $125 million add-on to its 8 1/8% senior notes (Caa1/CCC+) due Sept. 1, 2020 at 106 to yield 6.769% on Wednesday, according to an informed sources.

The reoffer price came at the rich end of the 105.5 to 106 price talk.

Deutsche Bank Securities Inc. was the left bookrunner. Wells Fargo Securities LLC, RBC Capital Markets and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

The Kirkland, Wash.-based owner and operator of broadband cable systems plans to use the proceeds to pay down its revolver and for general corporate purposes, including acquisitions.

Issuers:	WaveDivision Holdings, LLC and WaveDivision Holdings Corp.
Face amount:	$125 million
Proceeds:	$132.5 million
Maturity:	Sept. 1, 2020
Security description:	Add-on to 8 1/8% senior notes due Sept. 1, 2020
Left bookrunner:	Deutsche Bank Securities Inc.
Joint bookrunners:	Wells Fargo Securities LLC, RBC Capital Markets, SunTrust Robinson Humphrey Inc.
Coupon:	8 1/8%
Price:	106
Yield:	6.769%
Spread:	535 bps
First call:	Sept. 1, 2016 at 104.063
Trade date:	April 15
Settlement date:	April 20
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Distribution:	Rule 144A for life
Price talk:	105.5 to 106
Marketing:	Quick to market
Original issue:	$250 million priced at par in August 2012
Total issue size:	$375 million

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